Ethereum Reclaims Multi-Year Support Trendline Amid 134% New Address Surge

Ethereum has returned to a key consolidation range between $2,312 and $2,738 after a recent false breakout and a false breakdown. This mirrors similar price movement from May and June 2019, where Ethereum consolidated before beginning a sustained uptrend. ETH is currently trading at $2,422.

The daily Ethereum chart shows a falling trend was halted after the price bounced from the $2,312 level. The price action now reflects a falling wedge structure and renewed strength above the multi-year support trendline. According to CipherX, “ETH has reclaimed its multi-year support trendline,” noting that bulls managed to close back above it after a brief fakeout. Technical indicators support further gains. The 50-day Simple Moving Average (SMA) is nearing a crossover above the 200-day SMA, which would trigger a Golden Cross. This setup is widely watched by market participants and often suggests the start of a longer-term bullish phase. The Relative Strength Index (RSI) is testing the 50 midpoint, while the Awesome Oscillator (AO) has begun to show green bars, signaling momentum shift.

On-chain activity is also picking up. According to Santiment data, Ethereum has seen a 134% increase in new addresses since June 22. Daily active addresses also rose sharply from 412,000 to 687,000 in four days. These changes reflect growing network usage and investor interest. Institutional involvement remains strong. BlackRock reportedly acquired $100 million worth of ETH, while Fidelity recorded $60 million in ETH ETF inflows. Whales purchased 1 million ETH on June 16, the largest daily buy since 2018, according to Glassnode data.

Based on current technical and on-chain data, Ethereum’s next key resistance levels are $2,738 and $2,879. If these levels break, analysts expect a push toward $3,000 by mid-July and potentially $4,000 by Q3 2025. The recent price action and technical indicators suggest that Ethereum is poised for a potential trend reversal, with bullish momentum gaining traction. The return to the 2019-like pattern, coupled with strong institutional support and increasing on-chain activity, adds credibility to the $3K target and beyond.