Ethereum’s ETHUSD price reached a four-month peak of $2,880 on June 11, before adjusting to the present $2,550 value. Several market analysts have identified $2,800 as a crucial resistance level that needs to be converted into a support level to set off a “sharp upward shift.”

High-profile crypto analyst Daan Crypto Trades stated in a June 16 post, “Ethereum’s price action is consolidating just beneath this significant $2.8K mark.” He further emphasized that a firm close above this level could be an excellent precursor for a bullish run.

Another analyst, Jelle, shared a chart illustrating ETH’s price tightly enclosed below a key resistance level above $2,800, predicting a “strong and dramatic move” once this barrier is breached.

Several bullish indicators suggest that ETH is gearing up to surpass $3,000 in the upcoming days or weeks. Significant inflows into spot Ethereum exchange-traded funds (ETFs) due to sustained institutional demand are supporting this bullish viewpoint.

Farside Investors data indicates that spot Ether ETFs have experienced net inflows totaling $861.3 million over the past two weeks. This level of investment reflects growing confidence among traditional finance entities.

ETH staked has increased by over 500,000 ETH between June 1 and June 15, pushing the total locked amount to a record high of over 35 million ETH. This trend signals increasing confidence and a decrease in liquid supply, which could drive up prices if demand remains stable or increases.

OnChainSchool, a CryptoQuan analyst, noted that Ethereum’s accumulation addresses (addresses with no selling history) have reached a record high, now holding approximately 22.8 million ETH, valued at around $58 billion at current rates. This suggests strong investor confidence and low selling pressure, often an indicator of imminent price rallies.

For a continued recovery towards $3,000 and beyond, ETH bulls need to reclaim the 200-day simple moving average (SMA) at $2,600. The last time the BTC price surpassed this trendline, it experienced a 40% rally from $3,130 on November 9, 2024, to a multi-year peak of $4,100 on December 15, 2024.

The bull flag pattern suggests a potential breakout towards $3,900. Ether’s breakout from a cup-and-handle chart pattern could result in a 51% gain to $4,200, as previously reported by Cointelegraph.

Please note, this article does not provide investment advice or recommendations. All investment and trading moves carry risk, and readers should conduct their own research before making decisions.

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