Ethereum (ETH) has recently surged past the $2,800 resistance level, marking a significant milestone in its price trajectory. This breakout has been driven by strong institutional demand and favorable technical indicators, which suggest further gains toward the $3,100-$3,200 range. The price of Ethereum has briefly touched the $3,000 zone, indicating a bullish momentum that could push it even higher.
The resistance levels currently stand at $2,850 and $2,900, and a successful breakout above these points could propel ETH to $3,120, with higher targets extending toward $3,300. The recent price surge has been supported by significant institutional interest, as Ethereum ETFs recorded a record $907.99 million in weekly inflows. This influx of capital reflects growing confidence among institutional investors, who are increasingly viewing Ethereum as a valuable asset.
Technical analysis further supports the bullish outlook for Ethereum. A confirmed bull flag pattern on Ethereum’s daily chart indicates a potential resistance target of $3,834. This pattern, which emerged after a falling wedge reversal, suggests a clear path for Ethereum’s price movement. The consolidation period that started in May and ended in June has resolved to the upside, confirming the bullish pattern. The recent break over $2,700 further validates this technical setup.
The $2,800 level is crucial for maintaining bullish momentum, as staying above it could lead to further price increases toward $4,000. According to analysts, if Ethereum holds the $2,800 level as support, it could rally to $3,500. The Moving Average Convergence Divergence (MACD) indicator shows that the rising trend will continue, while the Relative Strength Index (RSI) is at 71.12, indicating that Ethereum may be getting close to becoming overbought. This could lead to temporary profit-taking but does not diminish the overall bullish sentiment.
Institutional interest has been a key driver of Ethereum’s recent rally. Spot Ethereum ETFs experienced record inflows, with $383.10 million in inflows on a single day, the largest single-day inflow for any Ethereum ETF in 2025. This institutional support has led to significant improvements in on-chain metrics, with 124.13 million ETH out of a total supply of 155.04 million being profitable. This is the highest percentage of all tokens since January 2025, at 79.96%.
Corporate adoption of Ethereum has also accelerated, with major companies making significant treasury moves. GameSquare announced plans for a $100 million Ethereum treasury, aiming for 14% returns through decentralized finance tactics. SharpLink Gaming has aggressively bought more ETH, raising their total to 270,000 ETH, which they bought for an average price of $2,667. Bit Digital has also moved its treasury to hold over 100,000 ETH, further boosting institutional confidence in Ethereum.
Exchange outflows of $493 million indicate that investors are becoming more confident, shifting their assets to private wallets in anticipation of further price increases. This behavior suggests less selling pressure and more confidence in holding Ethereum. The $2,800 level is now acting as strong support, and if ETH stays above this level, it could reach the $3,834 target and potentially the $4,000 cycle peak. However, if it falls below $2,800, it may have to retest lower support zones around $2,100-$2,160.
