Ethereum Price May Hit $3,400 If it Holds Key Support Level

Ethereum’s price could reach $3,400 if it maintains support levels above $2,750. Recent data shows strong accumulation by whales and inflows into Ethereum ETFs, which bolster market confidence. Analysts monitor key resistance and support levels closely amid recent bullish patterns and trends, with a watchful eye on large-scale movements, especially as current trading shows modest gains. The market remains optimistic but emphasizes the importance of sustaining support.

Ethereum (ETH) appears ready to rally again, with recent on-chain data and market activities suggesting a potential climb to around $3,400. This positive trajectory hinges significantly on ETH maintaining critical support levels. Analysts are keeping a close eye on recent large investor transactions, commonly referred to as whale movements, as well as ETF inflows and cost-basis trends for any insights on future price movements.

Recent information from Glassnode shows that Ethereum recently broke the $2,700 mark, buoyed by the 200-week moving average acting as substantial support. Notably, around 1.3 million ETH is held between $2,700 and $2,740, while another 800,000 ETH is at $2,760. This support range has been pivotal ever since March 2025 when $1,890 was seen as a crucial level. Interestingly, ETH has shown a 53% increase in positive trading days over the last month, measuring volatility at 2.29%. This moderate trend indicates a preference for steady gains rather than erratic fluctuations.

Analysts have identified a resistance point close to $2,832, but a sustained hold above $2,750 could lead to a surge towards $3,500. Whale activity further reinforces this bullish outlook. Reports from Lookonchain indicate that one wallet withdrew approximately 13,037 ETH, valued at around $35.5 million, solely from Binance within 24 hours. Adding to the momentum, Abraxas Capital acquired 44,612 ETH, roughly $123 million, from Binance and Kraken in just 14 hours, suggesting significant confidence among larger investors regarding Ethereum’s potential at current price levels.

Additional positive news comes from the Ethereum ETF market, which has seen impressive confidence-building inflows lately. Recent data from Farside Investors highlights a streak of 14 consecutive days of inflows into Ethereum ETFs, totaling $125 million as of June 10. Significant contributions have come from BlackRock’s ETHA and Fidelity’s FETH, accounting for over 80% of these inflows since July 2024. Grayscale ETH and Bitwise ETH also reported inflows of $9.7 million and $8.4 million, respectively, around the same time. This tightening of supply is particularly notable given the 70 million ETH already staked after the Pectra upgrade’s recent deployment.

The recent approval by the SEC for ETF options trading has also buoyed investor confidence, especially amongst institutional players. This sentiment positions Ethereum (ETH) as a strong asset in the current market.

As for where ETH prices might go from here, the outlook seems bullish, but crucial support must remain intact. Recently, Ethereum was trading above the 200-day exponential moving average and forming a bullish flag pattern. As it stands, ETH trades at approximately $2,770.06, marking a 2.28% increase in the last 24 hours. If it can surpass the $2,870 resistance, a swift move towards $3,500 could follow. Conversely, should it fail to hold the $2,750 support level, there’s potential for a drop back to $2,600 or lower. Sustained support, continued interest in ETFs, and noteworthy accumulation could drive ETH up to $3,400 by mid-2025. With robust support and recent institutional inflows, Ethereum seems well-poised for a substantial price rally.