Ethereum Bull Flag Breakout Above $2,930 Support Targets $3,100 Short-Term and $3,834 Upside
Ethereum completed a bull flag breakout after reversing a falling wedge from December 2024 to April 2025 and consolidating between May and June. Spot Ethereum ETF inflows reached $908 million last week, including a record $383 million on July 10, while on-chain data shows 80% of ETH supply is now in profit—the highest since January—indicating reduced sell pressure and stronger holding conviction. Price has held key support at $2,930 and formed a falling wedge, with resistance at $2,940 capping rallies. A decisive break above $2,940 on increased volume—or a daily close above $3,000—could propel Ethereum toward a short-term target of $3,100 and the measured move of $3,834. Failure to hold $2,930 risks a retest of $2,880. Analyst Crypto Patel projects medium-term targets between $6,000 and $12,000, citing hammer candlesticks and cycle patterns. Traders should monitor support, resistance and volume for entry and confirmation points.
Bullish
The combination of a confirmed bull flag breakout, a falling wedge reversal, and strong ETF inflows underpinned by robust on-chain profit data points to sustained bullish momentum. Holding support at $2,930 and breaking key resistance levels on volume would likely trigger further upside toward $3,100 in the short term and the measured target of $3,834. Medium-term projections of $6,000–$12,000 further reinforce the optimistic outlook. Traders can look for confirmations via volume spikes and daily closes above critical levels, while a failure to hold support may lead to short-term pullbacks.