Analyst Declares Bull Market After ETH Breaks Key Monthly Resistance
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Ethereum's monthly candle closed above a key resistance at about $2,470 on August 31, signaling a technical breakout after the downtrend that began in August 2025. Analyst Matthew Hyland called the close a confirmation of a new bull market and compared the current chart structure to setups preceding ETH rallies in 2016 and 2020, implying bullish token performance and renewed market momentum in crypto and DeFi.
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Ethereum’s latest monthly candle closed above a key resistance level around $2,470 on August 31, prompting analyst Matthew Hyland to declare on X that the downtrend that started in August 2025 is over.
He framed the close as the first confirmation that a new bull market has started, comparing the current chart structure to the setups that preceded ETH’s 2016 and 2020 rallies.
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