Ethereum has been on a roll this week, bursting through key resistance levels as fresh momentum sweeps the market. The world’s second-largest cryptocurrency climbed to a multi-month high of $3,037, marking a staggering gain of over 120% from its lows earlier this year. With this rally, Ethereum’s market capitalization has soared to around $356 billion, reinforcing its place just behind Bitcoin in the crypto rankings.
One major driver of this surge has been the growing popularity of Ethereum exchange-traded funds (ETFs). These investment vehicles have maintained strong inflows, surpassing $5 billion in total. Just this week alone, ETFs attracted more than $907 million in new assets—a sharp increase from the previous week’s $219 million. It’s the highest weekly inflow seen since Ethereum ETFs were approved back in September of last year, highlighting the rising interest from American investors. Impressively, these ETFs have now posted nine consecutive weeks of net inflows.
Adding fuel to the fire, more investors are pulling their ETH off centralized exchanges, signaling a shift toward holding rather than selling. The total supply of ETH sitting on exchanges has dropped to 7.35 million coins, a significant drop from the year-to-date high above 10.6 million.
At the same time, nearly 80% of all Ethereum holders are currently sitting on unrealized gains—the highest percentage since January. That profitability metric seems to be enticing large holders, or “whales,” to expand their positions. Wallets holding between 10,000 and 100,000 ETH have increased their collective holdings to 26 million ETH, while even bigger players holding between 10 million and 100 million ETH now control a whopping 64.7 million ETH.
Ethereum also got a boost from corporate buying activity. This week, SharpLink, a Nasdaq-listed company, revealed it had purchased 10,000 ETH as part of its treasury strategy. SharpLink joins other firms like BTCS, BitMine Immersion, and Bit Digital in adding Ethereum to corporate balance sheets.
Meanwhile, the broader Ethereum ecosystem continues to show robust health. The supply of stablecoins circulating on Ethereum’s network has reached a new record of nearly $130 billion. Transaction activity is also heating up, with the network’s adjusted volume climbing over 40% in the past month to reach $573 billion.
Ethereum Price Technicals
From a technical perspective, Ethereum’s price action has been flashing bullish signals. On the daily chart, ETH decisively broke through resistance at $2,885, which had been its ceiling back in May. It also pierced the upper boundary of a bullish flag pattern and briefly crossed the psychologically significant $3,000 level.
Further strengthening the bullish case, ETH has climbed above the 50% Fibonacci retracement level of its prior decline, indicating growing buying pressure. A notable technical milestone this week was the formation of a golden cross, where the 50-day moving average crossed above the 200-day moving average a classic sign of a potential longer-term uptrend.
With momentum building, many analysts are eyeing the next major target around $4,000 if the rally continues.
All in all, Ethereum is riding a powerful wave of institutional interest, shrinking exchange supply, and strong network fundamentals a combination that has bulls hoping this latest rally is just the beginning.
