Ethereum Price Prediction: ETH Eyes $2,800 on Bullish Setup

Ethereum (ETH) has booked a 5% gain in the past 24 hours, as the token has recovered near the highest level since the August rally at $2,500.

Trading volumes remain above the usual average at $13 billion, currently accounting for over 4% of the asset’s circulating market cap.

This week, Bitmine, the famous ETH-focused digital asset treasury (DAT) headed by the popular crypto investor Tom Lee, announced that they added another 30,000 tokens to their massive Ethereum stash.

This represents a $75 million investment at a point when both technical indicators and on-chain data are favoring a bullish outlook for the top altcoin.

In the press release that disclosed this latest purchase, Lee highlighted that “there are multiple positive catalysts” that could push ETH higher during the last quarter of the year.

He sees the Clarity Act September vote plus signs of an ongoing capital rotation out of AI stocks and into crypto among those drivers, along with supportive trends like tokenization and agentic AI.

One Ethereum On-Chain Metric is Approaching a Historical “Buy” Zone

Meanwhile, investors on Wall Street continued to pile into exchange-traded funds (ETFs) linked to ETH, according to data from SoSoValue.

In September, net inflows to these vehicles continue to be positive at $106 million, following a massive $1.85 billion pour last month.

This indicates that investors are positioning for the continuation of this rally, despite a relatively unfavorable macroeconomic backdrop.

Turning to on-chain metrics, data from Santiment shows that the MVRV Ratio is nearing the zero line for the first time in months.

This is a metric that has accurately predicted Ethereum’s previous bull markets four times in the last 3 years. It tracks the value of all ETH in circulation at the price at which they were bought and compares it with the token’s circulating market cap.

The last time the ratio surged above zero, Ethereum rallied from around $2,500 to its current all-time high of $4,750. This is a signal that is worth paying attention to, and we will keep you updated in future price prediction articles once it rises past that zero line.

Ethereum Should Resume Its Rally to $2.8K Once This Happens

Moving on to the daily chart, ETH has formed a bullish flag pattern. This is a continuation setup that emerges after a strong price movement. It indicates an ongoing transfer between early buyers and late buyers.

If the price action breaks past the flag’s upper bound, which currently sits at $2,550, that might result in the resumption of this rally toward the $2,800 target.

Momentum remains on the side of bulls, as the Relative Strength Index (RSI) currently sits at 64. As long as the price stays above the $2,400 mark, it is highly likely that we will see ETH rising to $3,000 in the mid-term, and institutional buyers like Tom Lee seem to agree with this view.