- Ethereum is trading above $2,600 and needs to break $2,720 for bullish confirmation.
- Analysts see a potential rally to $3,600 in June which implies a 37% rise.
- On May 29, Ethereum ETFs saw $91.93 million in inflows, with BlackRock contributing over $50 million.
Ethereum (ETH) has risen above $2,600 for the first time since February. This week, it has managed to hold that level, a move that comes after it dropped below $2,000 in March. Over the past few days, the cryptocurrency has tested the $2,700 mark, trying to move past that ceiling.
Though the cryptocurrency hit a multi-month high of $2,790 on May 29, it had been stuck between $2,400 and $2,600. The current move above $2,600 shows it may be breaking that pattern. Traders are now eyeing what could come next as pressure builds at higher levels.
Analyst Captain Faibik noted that ETH is forming an ascending triangle pattern on the 12-hour chart. This kind of price pattern tends to lean bullish. “Bulls need to clear the 2720 resistance to confirm the upside breakout,” said Faibik.
Ethereum Bulls Target $3,600 in June
If the $2,720 barrier is cleared, the analyst said ETH may rally to $3,600 in June. That would be a 37% gain from its current level of $2,624. Crypto Jelle supported that idea, saying Ethereum is “still moving as planned, pushing deeper into the resistance area” near $2,850. Analysts also pointed out that this level sits just below the psychological mark of $3,000.
That zone is seen by many as a wall blocking broader gains for altcoins. If Ethereum moves beyond this point, it could lead other cryptocurrencies into stronger gains too.
Rekt Capital added that the coin has been retesting an important horizontal line since it re-entered the wider $2,220 to $3,900 trading range. Over the past four weeks, it has stayed above $2,468, a price level that now acts as a base. The analyst said it may be “repeating early 2024 history,” when the asset jumped 50% in four weeks after a similar pattern.
ETH Builds Strength Against BTC
Analyst Ted Pillows notes that ETH/BTC is showing strength while ETH/USDT approaches a breakout point from a long-term ascending triangle. Ted suggests Ethereum could be poised for a sharp rally, estimating a potential 30%–40% weekly candle, especially as Bitcoin continues to move sideways.
Meanwhile, support from big investors continues to build. On May 29, Ethereum exchange-traded funds posted a daily net inflow of $91.93 million. That was the ninth day in a row of positive flows, bringing the total net assets to $9.63 billion.
On the same day, BlackRock led with $50.45 million in new inflows, while Fidelity followed with $38.31 million. The steady buying from large institutions shows growing confidence in Ethereum’s direction.
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