XRP News Today: Ethereum Surges 24% to $3,000 on Institutional Backing

Ethereum has made a significant breakthrough, surging past the $3,000 mark with remarkable force. This milestone comes after a period of steady technical progress, with the cryptocurrency reclaiming key levels such as $2,200 and $1,500. The move confirms a clean reversal across both weekly and hourly charts, indicating strong buyer control and momentum.

Ethereum's price action has been particularly impressive, gaining over $600 in just 48 hours. This surge was accompanied by a volume of 14.64K ETH and zero retracement, further confirming the strength of buyer activity above $2,850. The cryptocurrency's movement has been characterized by a firm structure of breakout continuation and trend discipline, with no significant retracement during its climb.

The recent price action has also been supported by institutional engagement. On July 9, there were 80.83K ETH inflows into Ethereum ETFs and 55,383 ETH withdrawn from Binance, signaling deep institutional interest. This institutional backing, combined with the technical strength of Ethereum's price action, suggests that the cryptocurrency is poised for further gains.

Ethereum's weekly structure signals acceleration toward $4,000. The cryptocurrency is now holding above $2,960 after closing the week with an 8.24% gain. This move confirms a fresh trend that began in early July, flipping key levels and driving momentum upward. According to Merlijn The Trader, Ethereum reclaimed the $2,200 level, which had previously served as a resistance pivot. He also noted that $1,500 marked the structural base for the recent rally, acting as the foundation for higher momentum. With price now pressing toward $4,000, he believes resistance is turning into support zones, acting like launchpads for the next leg.

Ethereum has formed a rounded base since its Q1 2025 lows, while holding above breakout trendlines. A clean vertical channel has now emerged, driving price action through key levels such as $2,750 and $2,850 without hesitation. That energy has now brought Ethereum to test the $3,000 mark after blasting through every ceiling in its path. On the weekly chart, Ethereum continues to form higher lows, showing consistent strength from bulls. Ethereum’s latest push marks its highest print since early 2024, clearing a psychological barrier in the process. Traders now watch whether $3,300 or $3,600 could come into focus next as pressure builds.

The hourly chart reflects vertical momentum flow. Ethereum’s price action on the hourly chart shows a firm structure of breakout continuation and trend discipline. Since July 9, Ethereum has moved from $2,350 to $3,001.04, gaining over $600 in less than 48 hours. Volume hit 14.64K ETH during this surge, aligning with a confirmed breakout pattern that flipped every resistance along the way. Ethereum posted no significant retracement during this climb, holding strong above $2,850 even during minor dips. The trend structure shows no loss of conviction.

ETF inflows provide further backing. Ethereum ETF inflows totaled $211.3M on July 9 alone, with 80.83K ETH scooped. Cumberland-linked wallets also withdrew 55,383 ETH from Binance, signaling renewed institutional demand. Traders are now closely watching Ethereum’s movement above $3,000 for signs of further continuation.

The breakout above $3,000 is particularly significant as it represents a new all-time high for Ethereum. This price level has been a key resistance point for the cryptocurrency, and its breach suggests that there may be further upside potential in the near term. According to analysts' forecasts, Ethereum could continue to target fresh levels in price discovery, with some predicting that the cryptocurrency could reach $4,000 or even higher in the coming months.

The surge in Ethereum's price has also had a positive impact on the broader cryptocurrency market. Other major altcoins such as XRP and Solana have also experienced significant gains, with XRP rising 13% to $2.60 and Solana gaining 8% to hit $165. This momentum in the altcoin market is a reflection of the growing interest in cryptocurrencies as an asset class, as well as the increasing adoption of blockchain technology across various industries.

The recent price action in Ethereum and other altcoins highlights the potential for further growth in the cryptocurrency market. As more investors and institutions enter the space, the demand for digital assets is likely to continue to increase, driving prices higher. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate significantly in the short term. Investors should therefore exercise caution and conduct thorough research before making any investment decisions.