Ethereum Breaks Out With Clear Path to $3,400: Analysts

Following months of lethargy, Ethereum analysis and price predictions are coming thick and fast as the asset has gained around 60% since the beginning of May.Ethereum hasbroken outof a month-long consolidation range, with key technical levels now defined by investor cost basis distribution, as reported by Glassnode on June 11.Strong support exists between $2,700 and $2,760, where more than 2 million ETH is held by investors who accumulated during the recent consolidation period. This creates a potential floor for the price, it noted.#Ethereum just broke out of a month-long range. Cost Basis Distribution shows 1.3M $ETH held around $2.70K and $2.74K, and 800K #ETH at $2.76K. These investors accumulated during consolidation and now will potentially form a strong support zone. pic.twitter.com/X6zQRnzIyF— glassnode (@glassnode) June 11, 2025Ethereum Clear for Move to $3,400Above current levels, resistance is relatively light and evenly distributed up to around $3,400, where the first significant resistance appears.If the current support zone holds, ETH has a clear technical path to $3,420, it noted. However, the speed of any rally will depend on how holders in the $2,800 to $3,300 range react to price increases, analysts said.Meanwhile, Santiment reported that social sentiment for Ethereum was increasing, which implies greater retail interest.“Twitter discussions emphasize Ethereum’s market activity, price surges, derivatives trading, institutional adoption, and bullish sentiment, reflecting strong trading volumes and strategic analysis involving ETH.”Crypto analyst ‘Rekt Capital’ observed that ETH retested $2,500 as support for a rally to $4,000 in August 2021 and then again in early 2024. “For the past five weeks, ETH has been successfully retesting $2,500 as support,” they noted. The analyst also noted that Ethereum dominance has reached 10% in an uptrend for the first time since March 2020.Meanwhile, institutions are still loading up with 18 straight days of inflows into spot Ether ETFs. Wednesday saw the highest inflow since early February, with $240 million entering the products. “And there’s still no staking or in-kind creations and redemptions,” exclaimed ETF Store President Nate Geraci.18 straight days of inflows into spot eth ETFs…Nearly $250mil just today.And there’s still no staking or in-kind creations & redemptions.So early.— Nate Geraci (@NateGeraci) June 12, 2025Elsewhere on Crypto MarketsEthereum hit an intraday and four-and-a-half-month high of $2,870 in late trading on June 11 before correcting to $2,760 during trading in Asia on Thursday morning.Bitcoin wasretreatingfrom its weekly top of $110,000 and had fallen back below $108,000 at the time of writing.Altcoins were in the red with larger losses for Solana, Dogecoin, Tron, Cardano, Sui, Chainlink, and Avalanche, wiping outrecent gains.