Ethereum (ETH-USD) Price Analysis: Bullish Momentum, Whale Accumulation, and Upgrade Catalysts Fuel a New Uptrend
Ethereum Bulls Regain Control as Price Surges Above $2,600
Ethereum (ETH-USD) has reignited bullish momentum, climbing sharply above the $2,600 mark after defending key support at $2,460. The rebound is not just a technical bounce—it’s a convergence of fundamental catalysts, whale accumulation, market-wide optimism, and network upgrades. At the moment, Ethereum trades near $2,633, posting a 2.63% gain in the last 24 hours, with 24-hour trading volume surging to $19.38 billion, a 43% daily jump that underscores renewed market interest.
ETH-USD Technical Structure and Short-Term Price Action
Ethereum recently broke out from a descending triangle formation on both 30-minute and 4-hour timeframes, spiking above $2,582 resistance and quickly reaching $2,607. The bullish breakout, confirmed by strong volume, has established $2,538 as critical short-term support. The hourly RSI, although cooling below 50, remains constructive as long as ETH-USD stays above the 100-hour Simple Moving Average at $2,550.
Near-term, Ethereum faces resistance at $2,580 and again at $2,600. Clearing these barriers opens the path toward $2,650, and a decisive move above $2,720 would confirm the start of another rally, with $2,800 and $2,850 as the next technical targets. Failure to sustain above $2,550 could push ETH-USD back to $2,500 or $2,460—where buyers have consistently defended the trend.
Whale Activity, Profit-Taking Risk, and Sell-Side Pressure
Glassnode’s recent data shows $123 billion worth of Ethereum is currently in the 0-20% profit range. This means any slip below the $2,500 support could trigger a cascade of sell orders as shorter-term holders rush to lock in profits. Despite the uptrend, this lingering vulnerability remains a risk to sustained gains, especially as ETH remains sensitive to short-term volatility and trendline breaks.
However, major “whales” continue to accumulate. A single address added $75.39 million in ETH on May 26, with this wallet now up $23.73 million overall and $1.52 million on the latest trade alone. Such moves by large holders amplify bullish sentiment and offer a buffer against sudden downside—at least for now.
Macro and Network Catalysts: Pectra Upgrade, ETF Flows, and Institutional Growth
Ethereum’s underlying bullish narrative is strengthened by several powerful catalysts. The Pectra upgrade, implemented in May, delivers major improvements in staking, transaction efficiency, and account abstraction. Analysts like Ted Pillows argue that each core feature could add $1,000 to ETH’s price, with the upgrade’s success potentially setting the stage for an extended rally.
On the institutional front, the introduction of staking-enabled Ethereum ETFs has ignited interest from large asset managers. In February and March, major players like Cboe, Fidelity, and Bitwise moved to enable staking yields within their Ethereum ETFs, a feature expected to unlock a new wave of inflows and establish ETH as a more attractive institutional asset.
Network data also suggests ETH is currently undervalued: BeInCrypto notes that for the first time since 2020, Ethereum’s market price is below its realized price, putting it in the historical “opportunity zone” according to the MVRV ratio. The community widely sees this as a rare generational buying window.
Broader Market Sentiment, Correlations, and Price Targets
Ethereum’s surge coincides with a wider bullish wave across the crypto market, as Bitcoin (BTC-USD) hits all-time highs and altcoins benefit from the rising tide. The successful approval of options trading on BlackRock’s iShares Ethereum ETF triggered a rapid 13.7% ETH price jump, while U.S. policy developments—like President Trump pausing tariffs and signaling “a great time to buy”—have further improved risk appetite.
In the broader context, ETH’s Q2 performance has reversed Q1 losses, gaining 39.4% following a 45% correction. This historical pattern of strong Q2 rallies for Ethereum boosts confidence in sustained upside. Analysts are divided on the endgame: some project a climb toward $10,000–$12,000 if ETF and network activity accelerates, while others warn of a pullback if ETH fails to clear the $2,800–$2,900 resistance band.
Summary and Opinion
Ethereum’s price recovery above $2,600 is powered by a blend of technical strength, whale accumulation, bullish ETF and upgrade developments, and a supportive macro backdrop. If buyers hold $2,538 and break above $2,800, momentum could push ETH-USD as high as $3,900–$4,000. Profit-taking risk persists below $2,500 due to heavy unrealized gains, but as long as institutional demand and network upgrades continue, the long-term setup remains bullish. Based on current numbers, my take is bullish with a target on $2,800 and a breakout setup toward $3,900, while watching for volatility near $2,500. No conclusion is drawn until the price confirms direction at these major levels.
