Ethereum remains near $1,900, yet underlying strength is emerging thru technical breakouts, institutional interest, and substantial treasury purchases. Ethereum has been trading around the $1,900 mark following an increase of nearly 9% over the last month; however, it remains significantly below its former all-time high. Recent data indicates that the cryptocurrency is establishing a robust long-term framework, bolstered by technical indicators and sustained institutional interest, which collectively enhance the overall market perspective. Analyst noted that the leading altcoin is exhibiting one of its most robust high-timeframe bullish structures. After several unsuccessful attempts, ETH has regained its position above the long-term descending trendline and is currently consolidating above it.
According to the analyst, the structure remains valid as long as it records daily closes above 1,510. Based on the technical analysis, upside targets of 2,400, 3,000, 3,600, 4,200, and 5,000 were identified, with the final target potentially pushing ETH toward a new all-time high. Crypto Patel noted that breakouts generally occur after phases of accumulation. Another bullish signal emerged from the MVRV Momentum golden cross, as noted by Ali Martinez. The analyst indicated that a movement toward $3,000 may be anticipated following the altcoin’s breach of the MVRV level around $1,800. He explained that analogous golden cross signals in previous instances were succeeded by significant rallies.
While analysts have varying short-term targets, there is a general consensus that the underlying structure is showing signs of improvement. Michaël van de Poppe perceives additional potential for Ethereum’s growth. According to the MN Fund founder, a breakout seems imminent, with ETH likely to approach the $2,300-$2,500 range. Beyond price action, corporate treasuries have surpassed exchange-traded funds as the largest purchasers of Ethereum. The analyst also found that nearly 11% of the asset’s total supply is already locked by ETFs and digital asset treasury companies. This increasing proportion of ETH held by these entities indicates a surge in institutional involvement in the market.
For instance, Bitmine Immersion maintained its assertive acquisition strategy last week, augmenting its treasury by an additional 10,399 ETH. The acquisition increased the company’s assets to approximately 5.8 million units, representing about 4.8% of Ethereum’s circulating supply. It follows a comparable acquisition of 9,946 units the previous week. Bitmine Chairman Tom Lee asserted that the crypto outperformed the Nasdaq 100 by 25 percentage points in July. Earlier this week, Italy’s largest banking group, Intesa Sanpaolo, increased its Ethereum exposure in the second quarter by significantly raising its position in a staked ETH ETF from 116,200 shares to 349,600.