Ethereum ($ETH) Blasts Past $3K on 19% Weekly Surge – Will ETFs Fuel the Next Leg?

Ethereum ($ETH) rebounded, breaking through the $3,000 psychological level as it climbed about 2.13% in the past 24 hours to currently trade at $3,028. This marks a 19% increase over the past week, as the trading volume of $ETH remains well above $30 billion, reflecting a wave of optimism across the crypto market.

Market sentiment is firmly in greed territory, reflecting bullish investor psychology.

Soaring Institutional Demand and Record Network Growth on the Ethereum Network

Ethereum ($ETH) continues to solidify its dominance in the decentralized finance space with $74.4 billion in total value locked (TVL) on DeFiLlama. This demonstrates sustained demand for on-chain lending, staking, and trading activities on the premier smart contract network.

Meanwhile, daily active ERC-20 addresses are at 414,706, reflecting strong user engagement across Layer-1 and Layer-2 solutions.

As of July 12, 2025, Ethereum’s 327.97 million unique wallets marked a 20% year-over-year increase. The creation of new wallets is seen as a sign of growing interest by traders and developers alike.

📊 As Ethereum trades right at the $2,500 level, the utility and growth of the network continues looking healthier than ever. The amount of new weekly $ETH addresses created is ranging around 800K-1M per week, compared to about one third less at this point last year. pic.twitter.com/K1nxFBVlqL

— Santiment (@santimentfeed) June 19, 2025

Decentralized exchanges also processed $1.71 billion in 24-hour volume, while protocol revenues topped $2.11 million, showing strong market participation.

Additionally, institutional interest in $ETH is on the rise. U.S. spot Ethereum ETFs have seen the second-largest inflows in recent months, reflecting steady institutional demand.

#Ethereum Spot ETF flows have remained positive for the 8th consecutive week, with net inflows topping 61,000 $ETH pic.twitter.com/aTANkr4RCy

— glassnode (@glassnode) July 7, 2025

Following the SEC approving options trading on spot ETFs in April to enhance trading flexibility, corporate balance sheets are now bulking up on $ETH.

Nasdaq-listed SharpLink Gaming has overtaken the Ethereum Foundation by amassing 270,000 $ETH, driving $81.8 million in unrealized gains

SharpLink Gaming Acquires 176,271 ETH for $463 Million, Officially Becoming Largest Publicly-Traded ETH Holder

— zerohedge (@zerohedge) June 13, 2025

Market sentiment remains bullish, with the recent hold above $3,000 echoing expectations of further inflows and balance sheet additions from corporate bodies.

Ethereum Pauses After Bullish Breakout as Market Gauges Next Move

Ethereum ($ETH) is trading around $3,028 following a breakout from a bullish pennant structure earlier in the week.

The pattern had formed over several days of consolidation, with price coiling between converging trendlines before making a clean move above $3,030. The breakout, however, has not yet accelerated into a sustained rally. Instead, $ETH is consolidating just below the breakout zone.

The recent pullback is relatively shallow. RSI sits near 54, indicating a neutral stance with no immediate signs of overbought or oversold conditions. MACD remains above the signal line, although momentum is beginning to flatten. These indicators collectively point to a market in wait-and-see mode.

Volume footprint data on the $ETH futures contract reveals a shift in order flow. Initially, buy imbalances were dominant, particularly at $3,085 and $3,092.

Later on, especially in the most recent candles, sell-side aggression returned. Large negative deltas, especially near $3,076, suggest some traders are using the post-breakout range to offload risk or establish new short positions.

Additionally, Ethereum has seen a sharp uptick in speculative activity. CoinGlass data shows volume is up 112% to $99.6 billion, with open interest climbing modestly to $44.6 billion.

Options activity is also elevated, rising 238% to over $2 billion. The 24-hour long/short ratio is balanced at 0.9956, pointing to a lack of directional conviction. However, the positioning of top traders at Binance and OKX still favors longs, with ratios above 2.4.

ETH now sits at a key level. A clean move above $3,100 could reinvigorate bullish momentum and validate the pennant breakout, opening the way to the measured target near $3,250. A drop below the ascending base, on the other hand, may indicate a failed pattern and shift market focus back to $2,880–2,900.