Ethereum Surges 6.7% to $2,803, Eyes $3,400 Breakthrough

Ethereum has recently shown significant bullish momentum, with analysts predicting a clear path to $3,400. The cryptocurrency has successfully reclaimed the key $2,800 barrier, which it had not surpassed since February. This breakthrough has led to a surge in Ethereum's price, reaching a three-month high of $2,879. Analysts have noted that if the current support zone holds, Ethereum has a clear technical path to $3,420. The speed of any rally will depend on how holders react at the $2,800 level.

On-chain data suggests that Ethereum does not face any dominant resistance levels until $3,417, which could open up the path to this mark. Technical analysis further supports this optimism, suggesting that if Ethereum breaks the critical $2,800 resistance level, it could reach $3,500-$4,000. Analyst Carl Runefelt from The Moon Show highlighted that Ethereum has broken out of an ascending triangle formation, targeting the $3,100 resistance. Runefelt previously forecasted a 15% surge toward the $3,100 level if the altcoin reclaimed the crucial resistance level. Based on this, Ethereum could climb another 10.7% if it holds its current range.

Runefelt also pointed out another bullish formation in ETH’s trading pair against Bitcoin (BTC). According to the ETH/BTC chart, Ethereum formed a bullish pennant pattern during the May rally. Amid this week’s recovery, the cryptocurrency has broken out of the formation’s upper boundary, eyeing a 30% surge toward the 0.03300 mark.

Market Watcher Kaleo highlighted the resemblance between ETH’s performance between 2020 and 2025. According to the analyst, there are “a lot of similarities on the chart to where we are now vs. where we were in 2020.” Kaleo detailed the recent sell-off, caused by the Trump Tariffs scare, sent the altcoin below its multi-year ascending support trendline, adding that “ETH is currently on the verge of reclaiming that line.” The analyst suggested that if history repeats, investors could see “another great ETH bull run and accompanying alt season.”

Meanwhile, analyst DonAlt affirmed that ETH’s chart looks “pretty good” amid its HTF range reclaim. To him, a new all-time high (ATH) is likely if the $3,800 resistance is reclaimed, while the rally’s invalidation level is a close below the $2,200 mark. As of this writing, ETH trades at $2,803, a 6.7% increase in the daily timeframe.

The way to $3,400 looks technically clear, with just 200,000 to 400,000 ETH in supply levels between the present price and that objective at every $50 gap. Multiple market and technical metrics point toward Ethereum price rallying above $4000 in the short term. Analysts suggest that a confirmed breakout above the horizontal resistance (around $2,830–$2,850) is the optimal entry point, with the first target being around $3,400. Positioning for further ETH gains toward $3,050–$3,100 is recommended, with a reassessment above that zone for a longer-term target near $3,400.