Examining if Ethereum can keep climbing to $2,680 and beyond

• Ethereum rebounds in Q2 with a 39.4% gain, driven by optimism around the Pectra upgrade.
• Whale buys $75.39M in ETH, causing bullish momentum as ETH breaks the $2,550 resistance level.

Ethereum [ETH] is making waves once again.

Surging past the critical $2,550 resistance level, the king altcoin is riding high on strong quarterly gains and a headline-making whale purchase.

This latest move by a key investor, whose previous buy strategically preceded a two-week price rally, added to the bullish sentiment and hints at a possible breakout for ETH.

Ethereum bounces back

After a challenging start to 2025 with a sharp 45.41% drop in Q1, Ethereum has staged a remarkable comeback in Q2, posting a 39.4% gain.

This positive shift aligns closely with the rollout of the Pectra upgrade – a key network enhancement aimed at improving scalability, security, and user experience.

Market optimism surrounding the upgrade has clearly bolstered investor confidence, helping ETH regain its footing.

Source: Coinglass

Historically, Ethereum has shown strong Q2 performances. But this year’s rebound feels particularly significant as it reestablishes bullish momentum and sets the stage for a potentially strong second half of the year.

Whale watch

A mysterious Ethereum whale has stirred the waters with a jaw-dropping $75.39 million ETH purchase on the 26th of May.

Source: X

This is no ordinary investor—the same wallet’s last major purchase led to ETH doubling in two weeks.

Now, with $23.73 million in past ETH gains and already $1.52 million up on this latest position, traders, and analysts are closely watching the move, adding weight to the current bullish sentiment.

ETH flips resistance as bulls gain control

At press time, Ethereum broke past the $2,550 resistance level, trading at $2,553.26. The hourly chart showed a bullish green candle pushing ETH upward after a brief correction, showing renewed buyer interest.

Source: TradingView

RSI stood at 54.40 – neutral but climbing – while MACD remained below zero, suggesting early-stage bullish momentum. This breach could mark a short-term trend reversal, especially following the whale accumulation that’s stirred optimism in the market.

If volume sustains and ETH holds above this level, the next target could be the $2,680 mark.