Key Summary:
In the past two weeks, the total net inflow of spot Ethereum ETFs reached $861.3 million.
The total amount and cumulative amount of staked Ethereum have both hit all-time highs.
If it breaks through the key trend line, the price of Ethereum could rise towards the bullish flag target of $4,100.
The price of Ethereum climbed to a four-month high of $2,880 on June 11, before pulling back to the current level of $2,550.
Multiple analysts have pointed out that $2,800 remains a key resistance level, and the price needs to turn this into a support level to trigger a "violent surge."
Well-known cryptocurrency analyst Daan Crypto Trades stated in a post on the X platform on Monday: "The price of Ethereum continues to compress below this important $2.8K level."
The trader emphasized that a decisive close above this level would create a "good foundation" for further upward movement. "If we can see a strong breakout above $2.8K and hold there, it will provide a good basis for a rise towards the cycle high of around $4K."
Another analyst, Jelle, shared a chart showing that the price of Ethereum is compressing in a narrow range below the key resistance level of $2,800, noting:
$ETH is still consolidating below the key resistance, compressing in a very tight range. Generally speaking, these structures only end in one way; a strong and violent move. Break above the white box - and the train ain't stopping anytime soon. pic.twitter.com/sGiWHSB3q7
Multiple bullish signals indicate that Ethereum is likely to break above $3,000 in the coming days or weeks.
A key factor supporting the bullish argument for Ethereum is the ongoing institutional demand, reflected in the significant inflows into spot Ethereum exchange-traded funds (ETFs).
After 19 days of consecutive inflows, the spot Ethereum ETF experienced a pause on Friday, but then regained new inflows for three consecutive days between Monday and Wednesday, with over $19 million flowing in on Wednesday. According to Farside Investors, the total net inflow of these investment products in the past two weeks reached $861.3 million.
Cointelegraph reported that these inflows are the highest level since January, despite initial market panic due to the Israel-Iran conflict, reflecting a significant increase in confidence among traditional financial participants.
The amount of staked Ethereum grew by over 500,000 ETH between June 1 and the week, pushing the total locked amount to a historic high of over 35 million ETH.
This growth trend indicates rising market confidence and a continued decrease in liquidity supply. This formation of scarcity could drive prices up if demand remains stable or increases.
In Monday's analysis briefing, CryptoQuant analyst OnChainSchool further pointed out that the number of accumulation addresses for Ethereum (i.e., holders with no selling history) has also reached an all-time high, currently holding 22.8 million ETH, valued at approximately $58 billion at current market prices.
This data shows strong investor confidence and minimal selling pressure in the market, which is typically a precursor to price increases.
OnChainSchool noted: "The combination of these two indicators makes Ethereum one of the strongest crypto assets in terms of long-term fundamentals and investor belief."
Data from Cointelegraph Markets Pro and TradingView shows that the price of Ethereum is currently stuck between two key levels: the 200-day simple moving average (SMA) at $2,600 acting as resistance and the 50-day SMA at $2,450 acting as support.
Bullish investors in Ethereum need to reclaim the 200-day SMA to ensure a sustained rise in price towards $3,000 and above.
The last time the BTC price broke this trend line, it achieved a 40% increase from $3,130 on November 9, 2024, to a multi-year high of $4,100 on December 15, 2024.
On the other hand, the bullish flag pattern suggests that the price of Ethereum could break towards $3,900, as shown in the diagram below.
As Cointelegraph reported, a breakout from the cup and handle pattern for Ethereum could lead to a 51% increase, bringing the price to $4,200.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Ethereum (ETH) Bulls Must Break $2.8K: What Will Trigger a ‘Violent Move’?”
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