Ethereum Price Volatile Within $2,227-$3,385 Range Amid Institutional Interest

Ethereum's price has been holding steady at $2,461, but analysts anticipate continued volatility within the $2,227–$3,385 range until a significant breakout occurs. The cryptocurrency has been trading within this range for several weeks, with no clear direction emerging despite various bullish signals.

According to Ali Charts, the price is expected to remain choppy until there is a sustained close outside the established range. This sentiment is echoed by other technical analysts who note that the $2,227 level has provided strong support, while $3,385 has acted as a critical resistance. Without a decisive move beyond these levels, traders are likely to remain cautious.

Despite the price consolidation, on-chain data indicates that long-term holders are accumulating ETH, signaling strong conviction in the cryptocurrency's long-term prospects. This trend was observed during June's consolidation phase, with wallets holding ETH for extended periods seeing an increase in inflow. This suggests that investors remain confident in Ethereum's future despite the current price range.

Institutional interest in Ethereum is also growing. Bit Digital and BitMine have shifted their strategies toward Ethereum, with BitMine launching a $250 million private placement aimed at building a treasury focused on ETH. This move comes as Ethereum's Petra upgrade has already been implemented, and the Fusaka upgrade is expected soon. Both upgrades are intended to enhance the network's efficiency and scalability.

Technical analysts are also observing bullish signals. Merlijn The Trader noted a bullish MACD crossover and a rising base structure, suggesting that a clean break of $2,700 could propel ETH to higher levels. According to the analyst's forecast, $3,000 is just the beginning of the potential price surge. However, until such a breakout occurs, the price is expected to remain within the current range, with analysts anticipating more choppy trading ahead.