Highlights:
- Ethereum trending towards minor resistance at $2644.7
- Rallying through this resistance could see Ethereum hit $3000 soon
- Adoption by long-term investors could support a rally to $3000
Ethereum is in the green today, reflecting the rebound across the cryptocurrency market. When going to press, Ethereum was trading at $2651.39, up by 3.63% in the day. The rise in bullish momentum is also evident in the fact that Ethereum trading volumes are rising. Ethereum trading volumes are also up in the day, up 36.73% to $19.99 billion. Rising volumes at a time when prices are going up usually indicate that buyers are coming in strongly in anticipation of higher prices. There is a real anchor to Ethereum’s current price action, which could see its price head higher in the short to medium term.
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Broader Market Rebound Pushing Ethereum Price Higher
One is that the broader market is showing signs of a rebound. Bitcoin, the market leader has today rebounded from Friday’s lows of $103k and is currently pushing towards $108,000. In the event that Bitcoin continues to push higher, Ethereum like the rest of the market is likely to follow it. Already this is happening, and if Bitcoin pushes towards $110k, then Ethereum could well be on course for a rally to $3000 in the short term.
Ethereum Whales Accumulating on Ethereum
Besides getting a push from Bitcoin, Ethereum’s internal fundamentals also point to strength. One of the indicators of the prevailing bullish sentiment around Ethereum is that whales are increasing their Ethereum holdings.
The latest data indicates that in the last 30 days, Ethereum whales bought 1,490,000 Ethereum over the previous 30 days. This is an increase of 3.72% in their holdings. The fact that whales are willing to buy and hold Ethereum at current prices is an indicator that they believe the price of Ethereum could be headed higher. Besides, whale confidence in Ethereum could trigger retail FOMO, further increasing Ethereum’s potential to hit higher prices.
JUST IN: Whales have bought over 200,000 $ETH worth around $510,000,000 in the last four days! pic.twitter.com/0JZft93msa
— Coinvo (@ByCoinvo) June 16, 2025
Ethereum ETFs Continue to Record Inflows
Besides whales increasingly accumulating Ethereum, Ethereum ETFs have also recorded strong inflows recently. According to the latest data on Ethereum ETFs, inflows of $528.2 million were seen last week. This, at a time when the market has been overall directionless, hints at growing confidence in Ethereum as a long-term investment. As these inflows grow, coupled with whale accumulation, the odds of Ethereum rallying to prices above $3000 in the short term are high.
$ETH ETF inflow + $528,200,000 last week.
You are bearish? pic.twitter.com/b3HcAghDxo
— Ted (@TedPillows) June 16, 2025
Easing of Geo-political Tensions Could Boost Ethereum
Investor confidence in Ethereum is also likely to be boosted by its price action amidst the geopolitical tensions in the Middle East. In the past year, when Ethereum was relatively static even as Bitcoin went up, the past week’s events would have made its price tumble. This time around, Ethereum experienced a minor correction, just like Bitcoin, followed by a strong rebound in its price. It’s a confidence boost that finally Ethereum is fully back in sync with Ethereum. With Bitcoin expected to head higher due to the changing nature of its investor base, Ethereum’s odds of pushing to higher prices are pretty high.
$ETH looks ready to push to $3000 after a long consolidation period between $2400 and $2700. pic.twitter.com/qgLCMRNHvr
— TrendFi (@TrendFi_) June 9, 2025
Technical Analysis – Ethereum Price Pushing Higher After Key Support Holds
From the charts, Ethereum is trending towards minor resistance at $2644.7. This is after it established strong support at $2497.6 despite the geopolitical events of last week. If bulls are strong enough to breach the $2644.7 resistance, then a rally to $2800, and possibly $3000, could follow.
On the other hand, if bulls fail at the $2644.7 resistance, then a correction back to the $2497.6 support could follow. Of these two scenarios, the odds are higher that bulls will soon push the price to $2800. That’s because buying volumes are on the rise, and the markets seem to have priced in the geopolitical tensions in the Middle East.
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