Key Takeaways
Ethereum projections gain bullish weight as 3.45 million ETH accumulated near $2,500. Does this strengthen the case for ETH’s $3k breakout in Q3?
Ethereum [ETH] came out swinging in Q3, reclaiming not one but two major resistance levels in under a week.
Unsurprisingly, this kind of parabolic run has traders piling into shorts, with 60% of exchange positions leaning bearish.
Either the bears are front-running a rejection, or they’re underestimating the strength behind ETH’s impulse move. According to AMBCrypto, how this standoff plays out could shape Ethereum projections for the week ahead.
The divergence shaping Etherum projections in Q3
Interestingly, Ethereum’s near 7% rally to $2,620 isn’t just another bounce. Instead, it’s a technical breakout from last week’s tight range below $2.4k.
That range had formed right after ETH hit a multi-month low of $2,114 on the 22nd of June.
In total, ETH has surged nearly 23% in under twenty trading sessions. Typically, such extended consolidation phases act as springboards for sustained bullish moves.
But context matters. During the May-June cycle, a similar Ethereum projections fizzled out at $2.8k, falling short of a $3k breakout.
What followed was a sharp deleveraging event that dragged ETH down 20% in less than two weeks.
Source: TradingView (ETH/USDT)
Fast-forward to now, Ethereum’s Open Interest (OI) sits at $36.5 billion, clawing back toward the mid-June highs of $41.75 billion, right before that major liquidation cascade.
It’s no surprise then that shorts are crowding in across exchanges, anticipating a repeat flush.
But could a key divergence this time be the catalyst that proves the bears are leaning too hard into a narrative that no longer fits — One that could recalibrate Ethereum projections moving forward?
ETH carves out a solid base
Ethereum didn’t start July quietly. After a sharp 3.2% drop on the first day of the month, ETH snapped back with a 6.86% rally the very next day, triggering a classic short squeeze.
Crucially, this rebound in Ethereum projections wasn’t just driven by the 3.78% spike in the ETH/BTC ratio.
On-chain data from Glassnode highlights the $2,513-$2,536 range as a major demand pocket, with over 3.45 million ETH accumulated at that level, marking it as one of the strongest support zones ETH has seen in months.
Source: Glassnode
Backing this up, spot ETH ETFs saw a sharp inflow spike of $148 million on the 3rd of July, the highest single-day total in nearly a month.
In fact, total ETF inflows for July now stand at $300 million, underscoring a steady build-up in spot-driven demand.
This divergence matters.
Flipping resistance into support is the first step toward reclaiming higher ground. With spot inflows ramping up, Ethereum projections appears firmly on track for its $3k target, and possibly beyond as Q3 unfolds.
