Ethereum is showing all the signs of a raging bull, driven by massive whale accumulation, rising ETF inflows, and bullish technical convergence. The confluence of all these factors makes a strong case for a breakout continuation towards $3,000. Investors are especially keen on key technical indicators and on-chain data to try to determine the sustainability of this newfound upward momentum.

Technical Analysis Points to Bullish Momentum

Ethereum price must not go below this trendline which will maintains long term upside bias. This standing reflects strong and persistent buyer demand and a generally optimistic outlook across the housing market.

The 50-day Simple Moving Average (SMA) is currently at $2,563. This is below the 200-day SMA, currently around $2,345, forming a “death cross” pattern. This technical formation usually indicates a temporary bearishness and should raise red flags among traders. If ETH breaches the $2,520 mark, it might revisit support around $2,450 or even $2,350.

Even with these downside risks considered, I am still bullish on the technical outlook. If Ethereum manages to overcome the $2,673 resistance level, it would most probably seal a bullish path towards $3,000 and higher. Ethereum is likewise showing a bull flag pattern, where a period of consolidation after a strong upward move may soon lead to a breakout.

Whale Activity and Accumulation Trends

Ethereum accumulation by whale wallets remains significant and has been spotted heavily. Whales—wallets that hold between 1,000 and 10,000 ETH—added 871,000 ETH in a single day on June 12. This massive build-up indicates the smart money is ordering itself in formation for powerful upward price appreciation, and they know it.

So have accumulation addresses, or wallets not associated with exchanges, which are up significantly. These addresses skyrocketed by 35.97% in June as they currently are holding an all-time high 22.7465 million ETH. At the end of the month, these addresses sold 6.0184 million ETH, enjoying a profit of 21.29% based on June’s final valuation of $2,565.

Ethereum has had astonishing results. Over the period from 2020 to 2025, it delivered a cumulative return of 46.5%, beating a buy-and-hold strategy by 7.3 percentage points.

Market Sentiment and Derivatives Data

Ethereum’s current put/call ratio is 1.28, meaning traders are in a modest hedge against downside risk. This prudent stance indicates a cautiously optimistic mood among market players, who are well aware of the upside possibilities as well as existing downside risks.

This Friday June 16th an all-time high $259 million in futures shorts liquidated occurred. This wave of buying pressure added more to Ethereum’s rally as short positions were liquidated. This short squeeze provided additional momentum to the upward price movement.

Implied volatility for Ethereum has fallen from 68% in June to 60%. This drop represents a decline in uncertainty and indicates a market environment that is less volatile. Our data shows traders are becoming increasingly optimistic about Ethereum’s price stability. All this decline in volatility is a frightening but nevertheless very welcome sign that momentum might be here to stay.

Liquid Staking and Options Market

Ethereum’s liquid staking ecosystem is booming! By the time of writing, over 35.5 million ETH has been staked, and is an impressive 1.43 million sets currently staked! This represents a 2.83% increase. In addition to allowing everyday people to earn passive income, the growing popularity of staking is making the network more secure.

The options market reflects bullish sentiment. Almost 80% of Ethereum’s call options set to expire in July are currently priced above the $3,000 support, with 30% of these bets targeting $3,500 or more. This suggests that a record number of traders are shorting and betting at industry leading levels, of huge near-term price dummy drops.