Ethereum is testing the crucial $3,980 resistance level, signaling potential for a substantial breakout rally. The cryptocurrency has staged a significant recovery from lows near $1,700, with technical indicators suggesting a potential surge toward $4,200 if resistance is decisively breached.
Notable whale and institutional activity underscores this bullish momentum, including SharpLink Gaming adding ETH to treasury reserves and unidentified whale wallets accumulating over $675 million worth of Ethereum. This institutional stacking demonstrates heightened confidence in ETH’s valuation prospects.
U.S. Spot Ethereum ETFs contributed significantly to this upward pressure, attracting $192.3 million in net inflows on July 15 alone. The BlackRock ETHA ETF dominated these inflows, securing $171.5 million as traditional finance channels funnel capital into the second-largest cryptocurrency.
Ethereum’s growing market dominance adds fundamental weight to the technical narrative, with its market share exceeding 10% for the first time since March 2020. This milestone reflects ETH’s expanding influence within the broader cryptocurrency ecosystem.
Analysts highlight limited technical resistance between $3,800 and $4,200, establishing a clear path upward should Ethereum sustain momentum above the psychologically significant $3,980 threshold. Market observers now watch for confirmation of this decisive breakout.