Ethereum has once again reached the $3,000 mark after weeks of hovering below $2,800. This short-lived breakout is a significant event as it’s the first time Ethereum has hit this price point since early February, according to technical analyst Merlijn The Trader. After crossing the $3,000 threshold, Ethereum’s next price target is already in sight.
Ethereum experienced an exciting rally last week, coinciding with Bitcoin’s surge to new all-time highs. This rally, which saw Ethereum approach $3,000, wasn’t solely due to Bitcoin’s momentum. Ethereum itself attracted sizeable institutional interest from Spot Ethereum ETFs.
Data from SoSoValue indicates that US-based Spot Ethereum ETFs saw a combined inflow of $907.99 million last week, the highest since the products’ launch in July 2024. July 10 alone saw an inflow of $383.10 million, marking the largest single-day inflow for any Ethereum ETF in 2025 thus far.
In a post on social media platform X, Merlijn highlighted a confirmed bull flag breakout on Ethereum’s daily candlestick chart. This technical setup came after a falling wedge reversal that kick-started the current uptrend.
The falling wedge that led to the reversal started from the highs of December 2024 to the lows of April 2025. The breakout happened in mid-May, leading Ethereum into a narrow flag-like consolidation that lasted until the recent breakout above $2,700.
This pattern has now resolved upwards, and the next price target of $3,834 is based on the price action that formed the pole of the bull flag.
On-chain indicators corroborate Ethereum’s current strength. Data from on-chain analytics platform Santiment shows that Ethereum’s price has been oscillating around the $3,000 mark since Friday. During this time, 124.13 million out of the total 155.04 million ETH supply became profitable, accounting for approximately 80% of all tokens. This is the highest percentage of profitability recorded since January 2025.
The same data suggests that Ethereum is just 13 million coins shy of reaching the total supply in profit at its previous all-time high in December 2024. This shift towards a profit-heavy network state could encourage holding behavior and long-term conviction, reducing sell pressure in the upcoming week. As a result, Ethereum could potentially close a daily candle above $3,000 and move towards the $3,834 price target.
As of this writing, Ethereum is trading at $2,960, up by 17.5% in the past 24 hours.
