Ethereum prices surge – But what’s stopping ETH’s run to $3,400

Key Points

1. Ethereum's price surged sharply following two short liquidation events near $2.7K and $3K, triggered by bullish U.S. jobless claims data.

2. Ethereum’s Exchange Reserves have dropped by 2.03%, suggesting supply scarcity may enhance upward momentum.

3. Whale accumulation has strengthened Ethereum’s bullish outlook, with an 18.95% increase in large holder netflows over the past 7 days.

4. ETH’s OI-Weighted Funding Rate surged, indicating rising long exposure and expectations of continued gains.

5. Ethereum approaches a critical resistance zone at the 1.618 Fib projection, with future resistance levels at $3,457 and $3,870.