Ethereum has surged sharply, attaining a high of $2,832 this week — the highest value recorded since February 4. This bullish breakout marks a robust 102% jump from Ethereum’s April low, placing its market capitalization at approximately $333 billion. At its current trading position around $2,800, market analysts see several reasons the price could soon cross the significant threshold of $3,000.
One primary factor driving confidence in Ethereum’s upward potential is the continued inflow into Ethereum ETFs. Institutional investors on Wall Street have maintained a vigorous buying momentum, anticipating further price appreciation. On June 10 alone, Ethereum ETF inflows reached roughly $124.9 million, bringing the cumulative total since these funds’ inception to approximately $3.5 billion. Remarkably, Ethereum ETF inflows have risen consecutively over the last 17 days, the longest stretch recorded to date. BlackRock’s Ethereum-focused ETHA fund has attracted substantial investor interest, garnering nearly $5 billion in cumulative inflows and currently holding more than $4.3 billion in total assets.
Another bullish catalyst for Ethereum’s recent rally is the decreasing availability of ETH on centralized exchanges, indicative of supply being pulled off the market in anticipation of further gains. Recent data shows centralized exchange balances have dropped to 7.52 million ETH, significantly down from their peak earlier this year of 10.3 million ETH. This trend has accelerated markedly since reaching the yearly high of 8.75 million ETH in April. A notable example from these on-chain activities includes a wallet suspected to belong to Consensys, which recently acquired around 17,864 ETH (worth roughly $49.57 million), thereby raising its total holdings to more than $213 million.
In addition to dwindling exchange supply, Ethereum continues to maintain its market dominance in several key sectors of the cryptocurrency economy, particularly decentralized finance (DeFi), stablecoins, and tokenized real-world assets. According to figures provided by DeFi Llama, Ethereum-based DeFi protocols currently account for roughly $143 billion in total value locked (TVL), having increased approximately 9.5% in the past month alone. Ethereum thus retains a dominant position in DeFi with around a 62% market share, significantly ahead of competing ecosystems such as Solana, Tron, and Sui.
Stablecoins also form a significant bedrock of Ethereum adoption, with Ethereum-based stablecoin supply now standing at $125 billion, representing a large proportion of the broader $250 billion stablecoin market. Similarly, tokenization of real-world assets (RWAs) continues to expand on Ethereum, a sector in which the blockchain has emerged as a frontrunner. As of recent data, Ethereum hosts approximately $7.4 billion in tokenized RWAs — the highest total across all blockchain ecosystems.
From a technical analysis perspective, Ethereum’s chart formations further strengthen the bullish outlook. After bottoming at $1,368 on April 8, its subsequent upward climb has culminated in a “golden cross,” a bullish pattern characterized by the 50-day moving average passing above the 200-day moving average. Ethereum also recently formed a bullish flag pattern, reflecting strong upside momentum followed by a brief consolidation. Having surpassed the crucial 50% Fibonacci retracement level at $2,738, the asset’s price structure is supportive of a continued rally toward $3,000 within the coming weeks.
