Ethereum projections shift bullish: Is $3K in Q3 possible?

Key Points

1. Ethereum's 7% rally to $2,620 is a technical breakout from a tight range below $2.4K, with a 23% surge in under twenty trading sessions.

2. Over 3.45 million ETH has been accumulated in the $2,513-$2,536 range, marking a strong support zone.

3. Spot ETH ETFs saw a $148 million inflow spike on July 3rd, with total July inflows reaching $300 million, indicating steady spot-driven demand.

4. Ethereum's Open Interest (OI) is at $36.5 billion, nearing mid-June highs of $41.75 billion, suggesting renewed market interest.

5. A previous May-June cycle saw ETH fail to break $3K, leading to a 20% drop, but current conditions may support a stronger Q3 performance.