Ethereum Nears $3,000 as Market Momentum Gathers Pace and ETF Inflows Grow
Ethereum’s ether (ETH) surged on Thursday, approaching the $3,000 mark for the first time in over four months, as bitcoin (BTC) set new record highs and reignited optimism across crypto markets.
The world’s second-largest cryptocurrency gained 6.7% over the past day, recovering ground after significantly underperforming BTC and Solana (SOL) during the current cycle. Recently, however, sentiment has shifted more favorably toward ETH.
“ETH has taken the lead in price momentum, rallying off recent lows amid a pickup in derivatives activity and growing enthusiasm around its broader role in settlement and tokenization infrastructure,” said Joel Kruger, market strategist at LMAX Group.
The rally has been fueled in part by strong demand for U.S.-listed spot ETH exchange-traded funds, which have attracted over $500 million in inflows this month alone. At the same time, more corporations are adding ETH to their treasuries. Companies such as Sharplink Gaming and Bitmine Immersion Technology have disclosed holdings of the token, reflecting growing institutional confidence.
Crypto investor Pentoshi highlighted this trend in a recent post on X:
“In less than one month, public companies will have bought enough ETH to offset all the ETH that’s been created since the merge. It’s 1/9th the market cap of BTC and takes far less capital to move. That capital is clearly coming.”
Key Technical Insights:
- CoinDesk data reveals ETH jumped 6% in a single hour on Thursday, soaring from $2,819.07 to $2,996.85 between 20:58 and 21:57 UTC.
- The move unfolded in stages, with ETH first consolidating around $2,824, then breaking resistance levels at $2,845, $2,870, and $2,920, before topping just below $3,000.
- Support levels were established at $2,756.18 and $2,761.11.
- Significant resistance was observed around the $2,993.34 mark.
With ether nearing the psychologically important $3,000 level, traders are eyeing whether it can push higher, potentially setting the stage for an even broader altcoin rally.
