Ethereum News Today: Ethereum Surges 9% to $3,330 on Institutional Buying

After a period of relative calm in June, the cryptocurrency market is showing renewed vigor, with several altcoins leading the charge. Ethereum (ETH) has surged by 9%, crossing the $3,330 mark, and is nearing a significant 4-year breakout zone. This rally is fueled by institutional buying and shifts in ETF interest, with SharpLink Gaming's recent purchase of 9,424.69 ETH worth $32 million highlighting growing institutional interest in Ethereum over Bitcoin. Analyst Michaël van de Poppe views the breakout above the critical $2,800 resistance level as a strong signal of returning altcoin strength, with Ethereum at the forefront. Currently, ETH is just 9.7% away from breaking out of a massive 4-year-long accumulation triangle, a technical formation that could trigger a parabolic rally. A potential cup-and-handle formation is also appearing on ETH charts, similar to one seen in late 2023 that preceded a 100% price surge. If Ethereum breaks the $3,100 neckline, analyst cryptosBatman expects a rise toward the $3,800 to $4,000 zone.

Supporting the bullish case is unusual whale behavior. A major short position with 18x leverage is currently sitting on a $3.5 million loss. If ETH pushes above $3,500, it could trigger a short squeeze liquidation, adding more fuel to the breakout. Meanwhile, institutional attention is growing as Ethereum slowly chips away at Bitcoin’s long-held ETF dominance, attracting serious investor interest.

XRP is also seeing renewed momentum, climbing over 7% in the last 24 hours. Analysts say this could be linked to the broader altcoin shift and growing speculation around the final resolution of Ripple’s legal battle with the SEC. Although no official ruling has come in yet, investors are hopeful that a settlement or final clarity will open the door for U.S. exchange relistings and institutional adoption. Adding to the optimism, on-chain data shows a spike in large XRP transactions, a sign that whales may be repositioning ahead of a major move.

Bitcoin’s breakout above $111,000 to $120,000 echoes previous cycles where altcoins followed shortly after. Analysts point to past bull runs, like in 2017 and 2020, where BTC’s gains paved the way for Ethereum and XRP rallies. With BTC dominance showing early signs of decline, history may be repeating as altcoins prepare for their next big move. Overall, if ETH breaks $3,500 resistance level and XRP keeps rising, a bigger rally could follow, but traders should still watch for solid volume and confirmation before going all in.

According to analysts, this altcoin rally might be led by solid Layer-1 blockchains, marking a shift away from the memecoin-driven hype. SEI, SUI, and Ethereum are currently leading the charge among Layer-1 blockchains, shifting attention away from memecoins to scalable, infrastructure-level projects.