Ethereum Surges 18% as Institutional Accumulation Fuels Bullish Momentum

Ethereum is currently trading around $2,989, after a volatile push higher earlier this week that briefly tapped the $3,082 mark. While price action has shown signs of consolidation just below the psychological $3,000 level, technical and on-chain data suggest bulls remain in control for now. The broader rally is supported by rising institutional accumulation, including a $67.3 million ETH treasury expansion.

On the daily timeframe, Ethereum price continues to hold above a long-standing ascending trendline stretching from the April swing low near $1,900. A breakout above the $2,800 resistance zone has now flipped that area into key structural support. Candles are consolidating just below $3,000, with the next immediate resistance seen near $3,120 and the weekly 0.618 Fibonacci zone at $3,256. The Parabolic SAR remains below price, indicating continued bullish trend pressure, while Ethereum trades well above the Bull Market Support Band, currently between $2,202 and $2,459. The BBP oscillator also remains positive on the daily timeframe, signaling buyer dominance.

The surge in Ethereum price is partly fueled by renewed institutional interest. A direct share offering to expand its ETH treasury, having already converted its entire Bitcoin holdings to Ether. The firm currently holds over 100,600 ETH valued around $301 million. This aggressive accumulation coincides with a broader uptick in crypto markets, where Ethereum has gained 18% over the past week.

On-chain derivatives data confirms this bullish momentum. Open interest rose to $44.09 billion, while options volume spiked 94.5% to $2.29 billion. The long/short ratio among top traders is over 2.4, reflecting dominant long positioning. Additionally, total liquidations over 24 hours hit $106.4 million, with $82 million in shorts wiped out, reinforcing bullish dominance.

On the 4-hour chart, Ethereum price action shows the asset pulling back slightly from its recent local high at $3,082. Bollinger Bands have started to expand following a squeeze breakout near $2,750, indicating that fresh volatility is entering the market. Price currently hovers near the mid-band and may test the $2,933 support before attempting another move higher. The 30-minute RSI bounced from oversold territory and now sits at 50.1, reflecting a neutral stance after recovering from 38. MACD on the same timeframe is showing signs of a potential bullish crossover, although momentum remains soft for now. A confirmed crossover and a move above the $3,050 resistance would be needed to trigger the next leg toward $3,256.

Short-term structure suggests that Ethereum price may retest the $2,933–$2,960 support zone before attempting another breakout toward $3,100. A move above $3,050 with volume confirmation would open up a path toward the 0.618 Fib level at $3,256. On the flip side, if bulls lose the $2,930 handle, Ethereum could slide back toward $2,800, where the previous breakout zone and ascending trendline intersect. Given the support from both derivatives and on-chain metrics, upside momentum remains intact. However, traders should monitor $3,050 closely as a pivotal breakout threshold.