Analyst Declares Bull Market After ETH Breaks Key Monthly Resistance

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.

ETH’s Monthly Chart Flips Bullish Hyland’s chart runs from ETH’s 2025 peak, hit in August of that year, through a steady run of lower highs and lower lows that bottomed out near $1,500 to $1,600 in June and July of this year.

“ETH confirms a Monthly Higher_High and ends its downtrend that started in August of 2025,” Hyland posted. “The Bears have been slayed.