Ethereum appears poised for a significant bullish breakout as key metrics indicate increased buying activity from major investors, and technical indicators suggest further positive momentum.
On Monday, Ethereum traded near $2,545, fluctuating in recent days but remaining approximately 7% under its monthly high. Data from on-chain analysts highlights a notable trend of whale accumulation; large-scale investors have intensified holdings, now controlling around 103.5 million ETH—up from 102 million at the beginning of March. This 1.5% growth in holdings among significant accounts typically signals growing investor confidence and potential upward movement in prices.
Ethereum’s robust ecosystem metrics further strengthen this optimistic outlook. Over the past month, Total Value Locked (TVL) across Ethereum’s decentralized finance (DeFi) frameworks increased by 26%, surpassing $132 billion. This significant growth dwarfs competitor chains significantly, with Solana holding approximately $22.48 billion and Binance Smart Chain (BSC) at $9.3 billion. Furthermore, Ethereum’s bridged TVL, representing value parked in cross-chain bridge contracts, surged above $408 billion, highlighting sustained growth and trust across the broader DeFi landscape.
Investment inflows into Ethereum ETFs provide additional bullish signals, with recent analytics showing six consecutive days of new capital inflows, totaling $2.76 billion.
From a technical analysis perspective, Ethereum’s daily chart illustrates a strong emerging bullish scenario. Having rebounded sharply from April lows near $1,382, ETH has constructed a clear bullish flag pattern, showcasing a potent initial rally succeeded by a consolidating price channel. Currently, the price is testing a crucial area between the 38.2% and 50% Fibonacci retracement levels. Additionally, a golden cross—widely acknowledged as a bullish indicator—seems imminent, with the 50-day Weighted Moving Average (WMA) nearing an intersection with the long-term 200-day WMA.
Notably, ETH remains positioned just above a major resistance-turned-support pivot as per Murrey Math Lines calculations, further implying strong foundational support levels. Volume and momentum indicators support the notion of bullish continuation. If Ethereum manages a clean breakout above the critical 50% Fibonacci retracement at approximately $2,730, a confirmation of the bullish trend would emerge, setting Ethereum on a potential trajectory towards psychological resistance near the $3,000 mark—an 18% potential upside from current trading figures.
