TL;DR
- Ethereum broke the $2,800 resistance after a false bearish breakout, driven by increased demand for short-term options and buying pressure.
- The market confirmed an ascending triangle pattern, with technical projections placing ETH between $3,600 and $3,800 if it holds the current level.
- A whale opened an $11.15M long position with 25x leverage, showing strong conviction in a rally that could push ETH to $3,670 within weeks.
Ethereum triggered another decisive technical breakout after surpassing $2,800, leaving behind weeks of consolidation. The surge followed a false bearish breakout that shook out weak positions before starting a sustained rebound. This technical behavior coincided with a rise in short-term options demand, signaling higher volatility ahead with a bullish bias.
Technical Analysis and Ethereum’s Outlook
Analysts identified the formation of an ascending triangle, a classic continuation pattern that often leads to sharp upward moves. Breaking the upper resistance confirmed this setup, opening the path to a rise toward levels between $3,600 and $3,800. The RSI also broke out of its downtrend, supporting the strength of the current rally.
According to the latest CoinMarketCap data, Ethereum (ETH) trades at $2,841.73 per unit, up 3.53% daily, with a market cap exceeding $343 billion. Over the past week, ETH gained 6.7%, having traded just above $2,400 on June 6.
At the same time, Ethereum’s options market showed a significant increase in implied volatility for weekly and monthly contracts. Within less than 48 hours, volatility for one-week options jumped from 65.2% to 79%, while one-month volatility rose from 66.4% to 72.1%. This shift directly reflects higher demand for hedging and leveraged short-term bets.
A Whale with Strong Confidence
Separately, an Ethereum whale opened an $11.15 million long position using 25x leverage, equivalent to 4,000 ETH. The entry price was $2,758, and the unrealized gain surpassed $366,000 when ETH reached $2,850. The liquidation price remains at $2,466, indicating a high-risk bet backed by strong confidence in the upward trend.
Heading Toward $4,000?
Macro conditions also supported Ethereum’s rally, fueled by expectations of a possible U.S. interest rate cut following softer inflation data. Additionally, ETH recently completed a series of important technical updates, such as the Pectra upgrade in May and a foundation restructuring, which boosted its institutional appeal.
If Ethereum stays above the breakout level, it could accelerate its upward momentum in the coming weeks. Some analyses project a target near $3,670 by the end of June and, if the trend holds, reaching $4,000 in 2025
