An analysis of the current situation in the Ethereum market highlights strong trends that could lead to significant price increases.
BlackRock and ETH ETF
Last week, BlackRock's iShares Ethereum Trust pulled in $303.5 million, accounting for 93% of all ETH ETF flows. This brings BlackRock's total ETH holdings to $750 million for June. Amid rising speculation, it is anticipated that SEC approval for ETH staking within ETFs could accelerate institutional interest in 2025.
Accumulation by Whales
In just two days, over $82 million in ETH exited exchanges, tightening supply and easing sell pressure. On-chain data indicates that wallets holding between 1,000 and 10,000 ETH have ramped up accumulation to levels not seen since March. Long-term holders now control 75.5% of the total supply, remaining unchanged for over a year.
Technical Analysis and Support Levels
Ethereum has bounced cleanly off the $2,500 support area three times in June. A golden cross is forming, with the 50-day moving average nearing a bullish crossover above the 200-day. RSI remains neutral at 48.8, giving bulls room to push. The main resistance to watch lies at $2,580–$2,600. A decisive break could mirror the breakout seen in early 2024, where similar consolidation led to a sharp move toward $3,500.
With rising ETF flows, whale accumulation, and favorable technical indicators, Ethereum appears poised for a potential significant price increase, making the target of $5000 achievable in the coming weeks.
