Ethereum Surges 7%: Bulls Target $2,800 as Technicals Turn Bullish

Ethereum (ETH) has demonstrated strong bullish momentum by reclaiming its critical 200-day moving average at $2,500, signaling a potential upward trajectory. Maintaining this level could pave the way for a push toward the $2,800 resistance zone.

Daily Chart Analysis
ETH found solid support at the 100-day moving average near $2,000, triggering a wave of buying activity that reversed market sentiment. The breakthrough above the significant 200-day MA at $2,500 marks a key bullish development. Sustaining this level is crucial for maintaining the upward momentum toward the major $2,800 resistance. Price action may consolidate between $2,500-$2,800 until a decisive breakout occurs.

4-Hour Chart Perspective
In shorter timeframes, ETH rebounded sharply from the 0.5-0.618 Fibonacci retracement zone, invalidating a prior bearish breakdown of the bullish flag pattern. While gaining traction, ETH now faces a critical supply zone at $2,625-$2,670 where selling pressure may emerge. Overcoming this barrier would strengthen the case for a test of $2,800, while rejection could lead to consolidation or mild retracement.

On-Chain Insights
Ethereum's liquid staking sector achieved record growth in June, with approximately 1 million ETH (2.83% monthly increase) added to staking contracts. As of July 1, liquid staking reached an all-time high of 35.56 million ETH, driven largely by institutional participants including ETFs, whales, and crypto funds. This trend reflects growing confidence in Ethereum's long-term prospects as these entities pursue staking yields while awaiting price appreciation.

The combination of technical strength and increasing institutional adoption suggests Ethereum may be poised for a significant upward move, despite not yet breaking out decisively in price terms.