Ethereum Surges 19% to $3,028 on Bullish Market Sentiment

Ethereum ($ETH) has surged past the $3,000 mark, marking a 19% increase over the past week. This surge is driven by a wave of optimism across the crypto market, with market sentiment firmly in greed territory, reflecting bullish investor psychology. The total value locked (TVL) on the Ethereum network has reached $74.4 billion, indicating sustained demand for on-chain lending, staking, and trading activities. Daily active ERC-20 addresses have climbed to 414,706, showcasing strong user engagement across Layer-1 and Layer-2 solutions. As of July 12, 2025, Ethereum’s 327.97 million unique wallets marked a 20% year-over-year increase, signaling growing interest from traders and developers.

Decentralized exchanges have processed $1.71 billion in 24-hour volume, while protocol revenues topped $2.11 million, demonstrating strong market participation. Institutional interest in $ETH is also on the rise, with U.S. spot Ethereum ETFs seeing the second-largest inflows in recent months. Following the SEC's approval of options trading on spot ETFs in April, corporate balance sheets are now bulking up on $ETH. Nasdaq-listed SharpLink Gaming has overtaken the Ethereum Foundation by amassing 270,000 $ETH, driving $81.8 million in unrealized gains. Market sentiment remains bullish, with the recent hold above $3,000 echoing expectations of further inflows and balance sheet additions from corporate bodies.

Ethereum ($ETH) is currently trading around $3,028 following a breakout from a bullish pennant structure earlier in the week. The pattern had formed over several days of consolidation, with the price coiling between converging trendlines before making a clean move above $3,030. However, the breakout has not yet accelerated into a sustained rally, with $ETH consolidating just below the breakout zone. The recent pullback is relatively shallow, with the RSI sitting near 54, indicating a neutral stance with no immediate signs of overbought or oversold conditions. MACD remains above the signal line, although momentum is beginning to flatten. These indicators collectively point to a market in wait-and-see mode.

Volume footprint data on the $ETH futures contract reveals a shift in order flow. Initially, buy imbalances were dominant, particularly at $3,085 and $3,092. Later on, especially in the most recent candles, sell-side aggression returned. Large negative deltas, especially near $3,076, suggest some traders are using the post-breakout range to offload risk or establish new short positions. Additionally, Ethereum has seen a sharp uptick in speculative activity. CoinGlass data shows volume is up 112% to $99.6 billion, with open interest climbing modestly to $44.6 billion. Options activity is also elevated, rising 238% to over $2 billion. The 24-hour long/short ratio is balanced at 0.9956, pointing to a lack of directional conviction. However, the positioning of top traders at Binance and OKX still favors longs, with ratios above 2.4.

ETH now sits at a key level. A clean move above $3,100 could reinvigorate bullish momentum and validate the pennant breakout, opening the way to the measured target near $3,250. A drop below the ascending base, on the other hand, may indicate a failed pattern and shift market focus back to $2,880–2,900. The recent surge in Ethereum's price and the growing institutional interest suggest that ETFs could fuel the next leg of its upward trajectory. As more institutional investors enter the market and the total value locked on the Ethereum network continues to rise, the potential for further price appreciation remains high. However, the market's current consolidation phase indicates a period of caution, with traders waiting for clearer signals before making significant moves.