Ethereum ETH/USD broke through the $2,700 level for the first time since January. The rally follows a spike in institutional flows to newly launched spot ETFs.
ETH ETFs recorded $240.3 million in daily net inflows on Wednesday, the highest single-day figure since February.
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BlackRock’s iShares Ethereum Trust ETHA brought in $163.6 million. Fidelity’s Ethereum Fund FETH and other issuers contributed to the 18th consecutive day of net inflows across Ether-linked funds, according to SoSoValue. Total capital raised now sits at $3.5 billion, roughly 3.2% of Ethereum’s circulating market capitalization.
The Ether-to-Bitcoin (ETH/BTC) ratio moved higher, marking a multi-year breakout in Ethereum’s market dominance. Activity from both institutional desks and retail traders has intensified as inflows continue to outpace Bitcoin BTC/USD.
According to Glassnode, more than 2 million ETH is held between $2,700 and $2,760, forming a dense support cluster. The on-chain cost basis may act as a buffer against near-term selling. Above the range, resistance remains thin, up to $3,400. If the $2,700 level holds, Ethereum could test the $3,420 mark, assuming holders between $2,800 and $3,300 don’t take profits early.
Coinglass data shows Ether derivatives volumes have overtaken Bitcoin, with over $106 billion in ETH futures traded in the last 24 hours, compared to $80.5 billion for BTC. Open interest on CME’s Ether contracts ticked higher, reflecting institutional positioning. Analytics platform Santiment reported a surge in Ethereum-related social mentions, focused on ETF flows, derivatives volume, and price action.
Crypto trader Carl Runefelt identified a confirmed breakout from an ascending triangle pattern that began forming in early May. His near-term target is $3,100. In a post on X, analyst Kaleo drew parallels to Ethereum’s 2020 trendline breakout, suggesting the current price structure may be the start of a multi-month altcoin cycle.
Ethereum’s strength stands out amid mixed market action. Bitcoin fell to around $109,000 following a short-lived rally to $110,000, while altcoins like Solana SOL/USD and Cardano ADA/USD traded flat. Ethereum’s resilience in the face of broader weakness cements its current leadership in large-cap crypto assets.
ETF narrative is still in its early innings. Early flows mirror patterns seen in January with the launch of spot Bitcoin ETFs, where initial ramp-ups were followed by sharp capital reallocations into the underlying asset.
If Ethereum loses the $2,700 floor, downside targets could extend toward $2,400. With consistent ETF inflows, high derivatives activity, and improving fundamentals, the next leg of the rally may be forming.
Crypto analyst Rekt Capital noted that Ethereum has closed five consecutive weekly candles above the $2,500 level, a historically bullish setup last seen before previous breakout cycles. Rekt highlighted that Ethereum dominance has crossed the 10% mark for the first time since early 2020, signaling a potential shift in market structure.
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