Ethereum has surged notably, achieving an intraday peak of $2,644 during Asian morning trading hours on June 3. This rise, equating to roughly a 6.5% daily gain, has lifted Ethereum’s market valuation beyond the $314.8 billion mark. The momentum positions ETH prominently among the leading cryptocurrencies, with prices now approximately 86% higher compared to its lowest point this year.
A closer look into Ethereum’s derivatives market reveals a significant increase in open interest. Currently, ETH futures open interest stands near $35.67 billion, approaching its record high and significantly surpassing the previous mark of $19.6 billion observed early in April. The long-to-short ratio on Binance reveals growing optimism, recorded recently at 1.8, signaling a bullish outlook among traders. Additionally, Ethereum’s futures funding rates have remained consistently positive for over a month, further underpinning trader confidence.
Institutional interest is simultaneously providing strong fundamental backing. Recent data indicates substantial investor activity, with ETH-based investment products drawing roughly $321 million in net inflows during the past week alone—marking the strongest weekly inflow since December 2024. This institutional drive extends notably into the U.S. market, where spot Ether exchange-traded funds (ETFs) have seen consistent weekly investment growth, accumulating more than $653.9 million in inflows throughout the last month.
Meanwhile, Ethereum’s circulating supply on centralized exchanges is now at its lowest point in over seven years, underlining a decisive trend towards self-custody. Traditionally, such reduced supply on exchanges suggests bullish investor sentiment and decreasing selling pressure.
Adding to this institutional bullish narrative, prominent firms including BTCS and Fidelity have recently increased their Ethereum holdings considerably, signaling continued corporate-level confidence in ETH’s long-term prospects.
From a technical viewpoint, Ethereum’s price movement is currently above the ascending trendline of a multi-week ascending triangle and holding firm in its position above the 50-period Simple Moving Average. Indicators lend additional weight to this bullish scenario: the Aroon Up has registered at 92.87% versus just 28.57% for the Aroon Down indicator, highlighting the strength of the current upward trend. Further reinforcing confidence, the MACD has executed a bullish crossover—traditionally indicating upward price momentum.
Should these patterns persist, Ethereum might initially rise toward the $2,713 resistance, aligning with the 50% Fibonacci retracement level. Successfully breaking above this zone could open the path toward the key psychological threshold at $3,000, corresponding roughly to Ethereum’s 61.8% Fibonacci level, representing a further potential rally of around 15%.
Conversely, a bearish scenario could emerge if the ETH price retraces below the crucial $2,500 support. Breaking this level would risk invalidating the bullish setup and might trigger a deeper correction towards the next significant support around $2,377, closely aligned with Ethereum’s 200-day Simple Moving Average.
