Ethereum (ETH), the second-largest crypto, is once again in the spotlight as institutional investors have begun to flood the network with capital. With the growing excitement around spot ETFs and a steady increase in staking and network activity, many analysts predict that the ETH price could be poised to break past the $3000 mark. Now, the question arises whether this bullish momentum is sustainable.
One of the strongest indicators of market confidence is institutional interest. According to reports from the on-chain analytical platforms, Ethereum investment products have seen a significant uptick in inflows. While whales are accumulating ETH at a rapid pace, the market participants are also bringing back their assets onto the Ethereum network.
As per the data from Artemis, the influx of bridged tokens has been on a huge rise, while the Base blockchain witnessed a major drop. On the other hand, the stablecoin supply on Ethereum has grown significantly, while Solana experienced a decent outflow. On the other hand, once the staking ETF gets approved, the ETH price is expected to explode as the number of ETH validators has surged above 1 million while the staking amount has surged past 35 million.
Beyond the speculative hype, Ethereum’s underlying fundamentals are pointing in a bullish direction. After a steady rise in the staking, it has seen consistent growth in Layer-2 activity through Arbitrum, Optimism, and Base. Besides, rising gas fees and network usage also signal a notable rise in demand. With less ETH available for trading and more being locked into staking contracts, the supply-demand dynamic is leaning toward higher prices.
The above chart displays the ETH price being largely compressed between the 50-day & 200-day MA since May, hinting towards a strong accumulation. While Bollinger bands are also going parallel, both the MAs are heading towards a bullish crossover that could validate a Golden Cross. Meanwhile, the RSI is attempting a bullish rebound and setting up a fine recovery curve. If this happens, the Ethereum price could gain momentum and break the resistance at $2700 and reach $2800. This could pave the way for the token to reach $3000.
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