Ethereum has recently broken above the crucial support level of $2,700, setting off a surge in price and attracting attention from market analysts. This comes amid growing optimism regarding the Ethereum ecosystem, fueled by robust DeFi activity and increasing institutional interest. Experts are particularly watching the resistance level of $2,750 as a possible trigger for an even more significant upward movement toward the next target of $3,000. 8 Ethereum has outperformed Bitcoin in recent trading, reclaiming key support on both daily and weekly charts. This strong performance has been attributed to factors like the rising popularity of decentralized finance (DeFi) applications and growing investment from institutions. Notably, ETH’s price surged as high as $2,647.34 with notable activity coming from whales who accumulated over 1.27 million ETH in just four days. The bullish momentum is further bolstered by rising buying pressure signaled by a RSI reading of 71. This suggests strong demand for the asset and potential for price acceleration. Technical analysis supports this trend, as both the 20-day EMA and 200-day EMA have formed a positive crossover for the first time since November 2024, leading to significant price increases in the past. The $3,000 mark remains a crucial target, but analysts are watching if Ethereum can break through the resistance at $2,750 before confirming this breakout. 8. As per data shared on X by Cas Abbe, Ethereum has reclaimed its multi-year support trendline and completed a weekly MACD bullish cross. These key indicators combined with growing confidence from institutional investors, particularly BlackRock’s recent ETF inflows, are driving momentum for the upcoming price action. 8. Key insights from analysts include: A strong buying pressure is indicated by the RSI of 71, highlighting the potential for further growth. A significant accumulation of Ethereum by whales and institutions, as evidenced by Santiment data showing increased holdings between $10,000-$100,000 and those holding $100,000-$1 million ETH, is contributing to this rally.