Ethereum Breakout Looms on Rising Adoption and Scarcity
Ethereum has consolidated in a $2,396–$2,833 range, reflecting short-term volatility before a potential breakout. After briefly dipping below $2,400 on June 20, technical analysis suggests ETH completed a motive wave at $2,700 and is in corrective Wave 2, targeting $2,250–$1,900. Key support stands at $2,000, while a move above $2,670 could open the way to $2,960. On-chain metrics now point to renewed strength: weekly new addresses surged to 800k–1M from 600k last year, and whale net inflows jumped over 7,400% in one week, indicating major holders are accumulating. Scarcity indicators improved too, with the Stock-to-Flow ratio hitting 43.2 and short-term holder activity easing. Despite mixed ETF inflows and macro headwinds, Ethereum’s adoption growth, whale accumulation, and improved scarcity position it for a bullish breakout above $2,833.
Bullish
Short-term price dips and corrective waves have created a consolidation phase for Ethereum, but on-chain fundamentals and technical signals point toward a bullish outlook. Wave analysis targets a retest of sub-$2,000 support before a potential rebound, while new address growth and massive whale inflows signal strong adoption and accumulation. The improved Stock-to-Flow ratio and reduced speculative activity further support limited sell pressure. A decisive break above $2,670–$2,833 would confirm bullish momentum, making this news catalyst positive for Ethereum’s near-term and long-term market performance.