Ethereum (ETH) has gone up by a mere 7% in the past 30 days, far from the stellar performance of some altcoins like Hyperliquid (HYPE) or Zcash (ZEC).
However, on-chain signals and historical patterns have confirmed what could be the beginning of a strong bull market for the top altcoin, as trading volumes and net inflows to exchange-traded funds (ETFs) have jumped recently.
This week, ETH hit a key resistance at $2,800 and immediately started to retreat. This had been our short-term target for the token for weeks, and was finally hit after a confirmed breakout of a bullish flag pattern in the daily chart.
Net inflows to ETFs linked to ETH have been positive for six days in a row now, indicating that Wall Street is positioning for the continuation of this rally. Investors poured a total of $834 million into these vehicles during this period, reflecting strong interest as buy signals continue to pile up.
Two Buy Signals Justify a Long-Term Target of $4K for ETH
Turning to on-chain data, we have been tracking for months the evolution of two metrics that have previously predicted the beginning of bull markets with significant accuracy.
The first is the simplest of the two — trading volumes. The last three times that there has been a bullish crossover between the 7-day and 30-day moving average for volumes, this has marked the beginning of strong rallies for ETH.
The two lines just touched for the first time since November 2025 — back when the latest bear market was starting.
Moreover, a second buy signal has popped up in the MVRV Ratio. This is a metric that tracks the relationship between ETH’s market value and the aggregated value of all ETH tokens in circulation at the price at which they were bought.
Similar to the previous signal, the last four times that this ratio has risen above the zero line, it has marked the beginning of strong bullish cycles — most of which have pushed ETH to $4,000 and beyond.
These two early-cycle signals for ETH, alongside technical indicators and price action patterns, are indicating that we could soon witness a break above $2,800 and onto the next target — the $3,400 level.
Ethereum Price Forecast
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See all Ethereum forecastsETH Could Retreat to $2,600 First Before Resuming Its Rally
Meanwhile, moving onto the daily chart, we can see the key levels to watch for ETH. We expect this rejection of a break above $2,800 will just be a temporary hiccup in the token’s trajectory to higher price zones.
Momentum readings continue to favor a bullish outlook, as the Relative Strength Index (RSI) is currently sitting at 63. This means that buyers are still in control of the price action despite the latest decline.
A look at the price structure within the 4-hour chart indicates that the $2,600 area could be ETH’s next landing zone, considering that significant institutional volumes may concentrate at that psychological threshold.
The price action has already touched that level, and volumes picked up once it did. Although volumes during the weekend tend to decline, we could expect some movement on Sunday near the beginning of the Asian session that should confirm the technical relevance of this price zone.
