Ethereum has reclaimed the $3,000 mark for the first time since February, breaking out of a prolonged consolidation phase under $2,800. According to crypto analyst Merlijn The Trader, this move confirms a bullish breakout and sets the stage for a potential surge toward the $3,834 level.
ETF Inflows Signal Strong Institutional Demand
While Ethereum’s rally followed Bitcoin’s new all-time highs, the momentum wasn’t solely spillover. The altcoin received massive institutional backing through Spot Ethereum ETFs. Data from SoSoValue reveals U.S.-based ETFs attracted $907.99 million in inflows last week — their highest weekly intake since launching in July 2024. Thursday alone accounted for $383.10 million, marking the largest single-day inflow for any Ethereum ETF in 2025.
Technical Setup Confirms Bull Flag Pattern
In a recent post on X, Merlijn highlighted a confirmed bull flag breakout on Ethereum’s daily chart. The setup began with a falling wedge from December 2024 to April 2025, culminating in a breakout in mid-May. This was followed by a flag-like consolidation through June, before Ethereum surged past the $2,700 resistance.
The breakout now points to a “measured move” — a price projection based on the height of the flagpole.
This targets a potential rally toward $3,834 in the short term.
Image From X: Merlijn The Trader
80% Of ETH Now In Profit
On-Chain Metrics Reinforce the Bullish Case
On-chain data from Santiment shows nearly 80% of all ETH in circulation is now in profit. Out of 155.04 million ETH, 124.13 million tokens have crossed into profitable territory — the highest ratio since January 2025. This profit-dominant environment typically encourages holding behavior and lowers selling pressure, both of which can further support Ethereum’s upward momentum.
Image From X: Santiment
Ethereum is just 13 million tokens away from matching its previous record-high profit level set in December 2024, another indicator of strengthening market sentiment.
Current Price Action
At the time of writing, Ethereum is trading at $2,960 — up 17.5% over the last 24 hours — and consolidating just below key resistance. If the trend continues, ETH could close above $3,000 and start its march toward $3,834 in the coming days.
Featured image from Unsplash, chart from TradingView
Source: www.newsbtc.com
Published: 2025-07-13 16:30:00
