Key Points

• Traders anticipate Ethereum (ETH) to consolidate near the $3,300-$3,500 zone following a 57% gain.
• Technical indicators point to potential resistance at $4,000, exacerbated by sell walls detected in that zone.
• Strong buyer interest stems from ETH treasury allocations and significant inflows into Ethereum spot ETFs.

Ethereum’s Recent Surge

Ethereum (ETH) logged a substantial 57% price appreciation over the past month. This climb was predominantly capped by persistent selling pressure around the pivotal $4,000 mark.

Independent market analyst Adam highlighted these developing sell walls, suggesting that despite “ETH being in a strong recovery phase,” further upside momentum may stall until order books are filled or absorbed.

Looking ahead, the market structure on higher time frames signals a confirmed inverse-head-and-shoulders pattern with an approximate resistance target at $4,300.

Drivers of the Move: Institutional Demand Shifts

According to analytics firm Farside Investors, the substantial price growth aligns nearly perfectly with the launch and subsequent funding of multiple Ethereum treasury programs.

Notably, Bitmine Immersion Tech acquired 566,800 ETH, while SharpLink Gaming secured 360,800 ETH in recent treasury allocations. Moreover, Ethereum spot ETF inflows surged by over $1.84 billion in the last seven days, adding to the buying pressure.

The cumulative impact of these activities has boosted the total net assets held across all spot Ethereum Exchange-Traded Funds (ETFs) to exceed $20.6 billion.

The View from Tech Treasuries and Traders

SharpLink Gaming’s stock (SBET) and Bitmine Immersion Tech’s (BMNR) shares, tied to their respective treasury funding commitments, experienced sharp recent rallies of 565% and 381%. However, these stocks have since retreated by 36.4% and 14.5%, respectively, presenting a familiar pattern to cash-flowing investors.

Technical and Funding Market Insights

In addition to institutional flow, funding rates within the ETH derivatives market remain neutral, indicating a lack of significant risk-on sentiment propelling traders into leveraged positions near multi-year highs. This contrasts with technical signals suggesting preparation for a healthier distribution phase following recent intensification.

Several traders, including independent analyst Michael Van de Poppe (@CryptoMichNL), are watching for signs that “liquidity on the long side is ready to be taken,” potentially paving the way for a temporary retrace or pullback.

The prevailing trading narrative holds that after a consolidation through the $3,500 to $3,300 zone, the next critical test will be holding above $4,000 to sustain extended recovery gains.