Ethereum climbed nearly 8% in the last 24 hours, crossing the 2,700 mark for the first time in almost two weeks. This rally has sparked fresh hope among traders and investors as they speculate that the second-largest crypto could breach the $2,800 ceiling and make a run toward $3,000.
Supporting the bullish outlook, on-chain data shows rising interest in Ethereum among investors. According to Beaconcha.in, over 34.65 million ETH, which is almost 30% of the total supply, now rests in the Beacon Chain.
This is the highest amount ever staked, hinting that many long-time holders would rather pocket the rewards than cash out.
Institutional interest in Ethereum is also growing. BlackRock’s iShares Ethereum Trust (ETHA) has gone 23 straight trading days without any outflows.
The firm recently added $500 million worth of ETH, pushing its total holdings to 1.5 million valued at around $2.71 billion.
Meanwhile, Ethereum-based ETFs brought in $296 million just last week, a reminder that retail appetite is far from exhausted.
ETH Technical analysis
Looking at the chart on a daily time frame, the market appears to be showing signs of bullish momentum, having broken past the long-drawn downward trendline.
This trend started on January 12, 2025, and persisted until early April, when Ethereum finally broke above the descending resistance line. Since then, the price has been slowly climbing, creating a series of higher lows, a classic sign of a bullish reversal.
Additionally, an upward trendline has formed, serving as a major support level to maintain the upward structure.
At the time of writing, ETH is trading at 2,681, a small decrease after testing a key resistance zone between $2,700 and $2,800, a level that has held the price down since April, creating a form of consolidation.
Moreover the 60-day (blue), 100-day (green), and 200-day (red) simple moving averages (SMA) are flattening out, with prices now trading above all three. A sign that suggests a bullish movement.
If ETH can break past the 2800 resistance level, it would confirm a breakout and we could potentially see a push toward $3,000 and even higher. However, if the price is rejected again, it may retest the support trendline near $2,500–$2,600.
Meanwhile, analyst Ali Chart, shared his cautious but realistic approach to Ethereum’s current price action. By stating, “Wait for a sustained close above $2,750 before you turn bullish on #Ethereum $ETH because a rejection here could send it back to $2,500 or even $2,380,”
Also Read: Cardano Launches First Bitcoin DeFi Protocol with Cardinal
