Ethereum (ETH) has surged past the $2,400 mark, riding a wave of optimism from traders and analysts alike, leading to speculation about a potential rally towards the $3,000 threshold. This increase comes after a significant recovery from a swing low of $1,750, marking a 38% ascent that has invigorated the cryptocurrency community.
Data reveals that accumulation wallet balances have skyrocketed by 33%, adding a remarkable 6.5 million ETH since the start of the year. These wallets, known for their tendency to hold rather than sell, now boast a total of 26.16 million ETH. The activation of these wallets may signal that investors are strategically positioning themselves ahead of the next major price movement.
A notable spike in ETH’s daily active addresses was recorded, rising an impressive 89% from 384,763 to 730,278 on April 5. Such activity levels typically coincide with market bottoms, leading many to believe that we are on the cusp of another bullish phase. Moreover, daily inflows into accumulation addresses peaked at an all-time high of 1.14 million ETH in November 2025, further confirming the upward trajectory, with an average of 200,000 ETH flowing in each day this year.
Looking at the technical analysis, Ethereum has broken out of a cup-and-handle pattern on the 12-hour timeframe, with the neckline set at $2,400. This breakout targets a price range of approximately $2,960 to $3,150. The 14-day Relative Strength Index (RSI) also supports this bullish sentiment, resting in a favorable range of 65–68.
Trader TheSkayeth highlighted the emergence of a larger cup-and-handle formation on the daily chart, predicting that if this pattern holds, ETH could target the ‘golden zone’ around $3,150. Analyst sentiments are buoyant, pointing to the accumulating bullish on-chain metrics as critical indicators of a potential breakout.
Furthermore, institutional interest appears to be returning, as evidenced by a series of positive inflows into spot ETH exchange-traded funds (ETFs). Over the past week, these ETFs have seen seven consecutive days of net inflows, totaling an impressive $298.4 million, with a significant $127 million coming in just one day. Such inflows highlight a growing confidence among institutional investors rekindled by Ethereum’s strong performance.
A recent geopolitical development may have further contributed to ETH’s upward momentum, as Iran announced the reopening of the Strait of Hormuz following a ceasefire agreement. This easing tension in the region has historically been known to influence market sentiment positively.
In terms of market structure, the MACD on ETH’s weekly chart has shown a golden cross, historically a bullish signal that has anticipated price recoveries in the past. The open interest in Ethereum derivatives has also risen to 14.67 million ETH, accompanied by a trend of negative funding rates indicating that many short traders anticipate a pause in the current price trajectory.
Given this context, immediate support for ETH sits at the 100-day exponential moving average around $2,378, while resistance levels are marked at $2,746 and a more formidable barrier at $3,411. As the landscape evolves, Ethereum stands poised for potential explosive growth, with traders keeping a watchful eye on upcoming developments and patterns in the price action.
