Ether Hits $2,800 and Eyes $3,000 Breakout

Ether (ETH) has been on fire lately, closing above $2,700 on Wednesday for the first time in four weeks, signaling continued bullish momentum. The upward move continued into Thursday, with ETH pushing past $2,800 this morning. It’s setting the stage for a possible rally toward the $3,000 psychological level, especially with a solid higher time frame structure that keeps bulls in control.

Is This the Start of Altseason?

Swissblock, the data analytics platform, is leaning heavily towards a bullish scenario for Ether against Bitcoin (BTC). Unlike Q2, where the altcoin space faced a tough time, ETH is looking much stronger now. The analytics platform highlights ETH inflows gaining momentum, and the broader Ethereum ecosystem narrative is strengthening, while Bitcoin is showing signs of fading strength and consolidation.

Swissblock pointed out that Ether’s recent outperformance could mark the start of an altseason, with ETH’s rise echoing the early May flip that triggered the first altcoin recovery since its price bottomed on April 7. There’s a critical 72-hour window ahead; if ETH can maintain its strength, it could signify the true beginning of altseason.

Institutional Demand Strengthens Ether's Momentum

Institutional interest is another factor driving ETH’s bullish trend. Chicago Mercantile Exchange (CME) Ether futures open interest has surged to $3.27 billion, marking its highest level since February 2. This surge reflects an increased appetite among professional investors looking to gain exposure to ETH as price momentum builds.

On top of this, spot Ether exchange-traded funds (ETFs) have seen consistent capital inflows for eight consecutive weeks, with over 61,000 ETH accumulated. The alignment of rising futures interest and ETF inflows with Ether’s price breakout further solidifies the ongoing rally.

ETH Targets $3,000 as Bulls Push for a Breakout

Ether has been testing the long-standing resistance zone between $2,650 and $2,750, which has repeatedly rejected bullish breakouts. But if ETH flips this range, it could open the door to the $3,000 psychological level. The chart shows a low-volume gap between $3,000 and $3,300, suggesting less resistance and making a rapid price movement more likely if the momentum sustains.

The one-day relative strength index (RSI) for ETH is above 60, indicating sustained buying pressure. Ether is also comfortably above its 50, 100, and 200-day exponential moving averages.

What’s Next for Ether?

While the bulls are trying to push past $2,750, a failure to do so with conviction could lead to a period of sideways consolidation. A retracement to liquidity lows around $2,375 is still on the table, especially with the growing use of leverage. Crypto analyst Maartunn noted a 10.6% increase in open interest in ETH futures, signaling rising speculation. Historically, such leverage spikes often lead to price pullbacks, though the current trend looks promising.

With ETH now at a critical inflection point, the next few sessions could determine whether the asset escapes its multi-month range or falls back into consolidation.

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