Ethereum Reclaims $3K As Bulls Eye $3.5K Resistance

After months of turbulence and consolidation, Ethereum, the second most prominent cryptocurrency, has succeeded in reclaiming the long-awaited resistance level of $3,000

Source: CoinMarketCap

As per the weekly price chart of July 05 to July 11, 2025, Ether added around 25% to its price, rising from just under $2,450 to an intraday high above $3,030.

The latest data from CoinMarketCap states that this uptrend has not only pushed prices to the upper zone but also expanded the Ether market cap from under $300 billion to over $365 billion.

Source: CoinMarketCap The primary catalyst driving the Ethereum price

After opting for Bitcoin as a primary treasury reserve, now several companies have expressed their intentions to boost their investment in Ether

Companies such as SharpLink Gaming and Bit Digital have already begun buying Ethereum, and reportedly hold ETH worth millions.

And in the last few years, Ether demand grew with its massive use in decentralized applications, DeFi, and NFTs, where ETH is needed for transaction fees and smart contract interaction.

Grown network activity and increased demand have also pushed the prices up, while low activity or competition from other blockchains might reduce demand and lower prices.

Constant technological advancements such as Ethereum 2.0 and EIP-1559 enhance scalability, reduce energy consumption and burn ETH, reducing supply and often boosting prices.

In several parts of the world, Ethereum has seen regulatory clarity, with a few of them allowing its trading and usage in a safe ecosystem regulated by the national governments.

Over the weeks, the Ethereum spot ETF has seen significant inflow, with 106,000 ETH in net inflow recorded in the last week of June this year.

The aggressive Ethereum accumulation from BlackRock and other ETF providers has strengthened the prices of Ether and investors’ confidence in it.

A dive into technicals and patterns, Ethereum is forming

Over the past seven days, Ether has displayed a near textbook ascending channel breakout. Prior to this breakout, the price consolidated around the $2,500 – $2,600 range, forming a strong support.

Source: TradingView

As prices of ETH gradually approached the upper territory, the formation of higher highs and higher lows signalled the beginning of a bullish cycle.

If the prices remain at higher levels, analysts suggest the next immediate resistance of $3,200, followed by $3,500. However, it’s mandatory to note that the RSI is nearing overbought territory, and a short-term correction or consolidation phase should not be ruled out.

Still, the overall sentiment remains bullish, especially with increasing institutional inflow and its dominant position in Web3.