Since mid-June, Ethereum has seen a remarkable surge of over 70%, making it one of the most impressive rallies of the year. This surge has been driven by strong momentum, with bullish sentiment prevailing as ETH recently crossed the crucial $3,500 mark. Interestingly, the uptrend has experienced minimal retracement since the initial breakout, indicating sustained buying interest and investor confidence.
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A significant development supporting this surge is the emergence of a premium on Ethereum traded through Coinbase, as highlighted by CryptoQuant. This premium is noteworthy because Coinbase is primarily used by US institutions and high-net-worth individuals. The premium suggests aggressive spot buying by whales, signaling renewed institutional interest in Ethereum.
This renewed demand coincides with clearer regulatory signals and increasing ETF flows into ETH-related products in the broader crypto market. With Ethereum outperforming and attracting capital, traders are eagerly observing to see if this momentum will lead to a broader altcoin rally or potentially kickstart a long-awaited altseason.
US Whales Lead the Charge as Ethereum Buying Activity Accelerates
According to a recent report by CryptoQuant analyst Crypto Dan, Ethereum is experiencing a notable increase in buying activity, especially from US-based whales. The consistent accumulation, coupled with the premium on Coinbase, indicates that high-net-worth players are positioning themselves for further upside.
Supporting this trend, daily inflows into Ethereum spot ETFs have reached new all-time highs. This sharp increase reflects growing institutional trust in ETH as a core digital asset, especially following recent regulatory clarity in the US. With Ethereum now priced above $3,600, demand continues to exceed supply through various channels.
What makes this rally intriguing is the current market conditions. On-chain metrics indicate that Ethereum is not excessively overheated at this stage. Metrics like NUPL suggest room for further growth before reaching a state of excessive optimism. This sets a favorable environment for ETH to consolidate at higher levels before potentially experiencing another breakout.
However, the upcoming weeks will be critical. If robust inflows and bullish momentum persist towards the end of Q3 2025, analysts caution that it could lead to signs of overheating. While we are not at that point yet, continuous vertical movements without retracement should be a signal for caution. Investors may need to reevaluate risk levels if this pattern persists.
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Ethereum Breaks Key Resistance With Strong Weekly Candle
Ethereum is currently trading at $3,620 with two days left before the weekly candle closes, up more than 21% so far. This ongoing rally has pushed ETH firmly above the $2,852 resistance level — a crucial zone that capped price action for months.
The move comes with high volume and follows a breakout above the 50-, 100-, and 200-week moving averages, now all reclaimed as support at $2,654, $2,664, and $2,430, respectively. With momentum accelerating and buyers clearly in control, market attention is shifting toward the next key resistance at $3,742, marked by the weekly wick high from December 2024.
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Although the candle has not yet closed, its current size and structure highlight growing bullish strength. This surge builds on Ethereum’s 70% rally from mid-June, suggesting that an expansion phase may be underway.
If ETH holds near or above current levels by Sunday, it would confirm one of the strongest weekly performances this year and potentially trigger further upside. Until then, traders are watching closely to assess whether this breakout can sustain its pace or if a near-term pullback is due after such an aggressive move.
Featured image from Dall-E, chart from TradingView
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