Ethereum Surges 12% to $2,485 on Strong Spot Demand

Ethereum's price has shown a significant recovery, currently trading near $2,485 after bouncing from a low of $2,200 earlier this week. This recovery has been marked by a clean technical move, with Ethereum reclaiming key Exponential Moving Averages (EMAs) and invalidating a recent bearish break of structure. However, the price is now approaching a supply zone between $2,500 and $2,600, an area that has previously triggered multiple sell-offs.

The recent price action of Ethereum has been characterized by a sharp recovery from the $2,200–$2,240 liquidity block. The daily chart indicates that Ethereum formed a bullish engulfing candle on June 25, followed by continuation above the 50 EMA. This move has flipped the short-term trend in favor of buyers, especially with the daily close reclaiming the $2,470 demand area. The 4-hour chart shows a fresh break of structure above $2,480 after several failed attempts, while the Smart Money Concepts tool indicates a clear bullish CHoCH around the same region. Ethereum is currently pressing into a local supply zone between $2,500 and $2,560. If this level is broken with volume, the next leg could test the weekly Fib 0.5 zone near $2,746.

The $2,420–$2,480 cluster also marked the breakout region in May, adding further importance to this retest. Price is now back above the ascending trendline that was lost last week. The key reason for Ethereum's price increase today is the strong spot demand return, as shown in the ETH netflow chart. On June 26, a net inflow of over $53M was recorded, marking one of the largest single-day inflows in weeks. This aligns with reclaim patterns on the daily and 4-hour structure charts. Ethereum has reclaimed the 20/50/100 EMA cluster on the 4H chart, with the current price at $2,485 above all short-term moving averages. From an indicator standpoint, the Keltner Channel bands on the 4H are expanding upward with Ethereum riding the upper channel, confirming strong directional momentum. The 4H Bollinger Bands are also widening, suggesting building Ethereum price volatility into the $2,500 zone. The Bull Market Support Band on the 1D chart — previously acting as resistance around $2,380 — has now flipped into support, with Ethereum closing above it for the first time in over a week.

On the 4-hour chart, the price has entered the first test of the red supply block between $2,500 and $2,560. This region has rejected three prior upside attempts in June, and this retest could determine whether Ethereum resumes its macro bullish trend or retraces. The True Strength Index (TSI) on the 1D chart is starting to curve upward from deeply negative territory, with a pending bullish crossover. This further strengthens the argument for continuation if the breakout succeeds. Ethereum’s weekly Fib retracement chart places the 0.382 level at $2,637 and the 0.5 mark near $2,746 — both of which will become realistic upside targets if the $2,560 barrier is broken with volume. However, traders must note the presence of equal highs and low-timeframe bearish CHoCH zones near $2,560. Without strong bullish confirmation, this area may again act as a reversal trigger.

As long as Ethereum stays above the $2,420 support band, bulls are in control. A 4H candle close above $2,500 would signal short-term breakout strength, with the next upside level seen at $2,560. If that gets cleared, $2,637 and $2,746 will be on the radar. On the downside, a rejection below $2,470 reopens the door toward $2,425, followed by $2,300. The 200 EMA on the 4H sits at $2,305 and may act as a strong dynamic support if the price fails to maintain bullish structure. Spot outflows have started to slow, which means bulls need sustained momentum or the breakout attempt may fizzle. Given the rising volatility and reclaim of key zones, the short-term bias remains Ethereum price bullish, but cautious.