Ethereum (ETH) is returning bullish with high momentum supported by strong institutional buying and climbing up to breakout recently above important resistance levels. The new crypto craze shot up close to 44% this week, increasing from just over $1,800 to an all-time high of over $2,600. Now, it goes for the next psychological milestone of $3,000. As this rally implies, further upward movement likely lies ahead, representing a dramatic turn in the market’s mood.
Crypto Twitter attributes the recent Ethereum price explosion almost entirely to ongoing institutional accumulation. Abraxas Capital is leading the round. In as little as three days, they orchestrated a spectacular three-day withdrawal period of 185,309 ETH (~$399 million) from centralized exchanges. This erudite power play sends a booming message of assurance for Ethereum’s future success. It’s an important part of what’s currently fueling this bullish boom run.
Ethereum recently cleared the 50- and 100-day Exponential Moving Averages (EMAs). At this point, it is retesting the important 200 EMA at around $2,600. Though a small red candle suggests some short-term profit-taking, the larger trend is still bullish. Keeping ceilings higher than $2,300 is important for solidifying this new growth trend.
Here’s why a successful Ethereum breakout could come sooner rather than later. If it does, we may enter a retest of the $3,300–$3,500 range—the last seen during the 2021 bull run. Whatever happens on this potential retest, it will be an important milestone. Beyond portraying a return to peak performance, it improves investor confidence in the long-term value of the cryptocurrency.
Speculators and market experts are catching their breath as they discuss a wild week of price action. A lot of people are hoping for even more advances, especially if this momentum sticks around. The marriage of institutional investment and technical indicators suggests an extremely bullish outlook for Ethereum in the short term.
