Ethereum Returns to 2019-Like Pattern After Fakeout as $3K Target Gains Credibility

Ethereum reenters 2019-style range between $2,312–$2,738, signaling potential trend reversal.

Golden Cross nears as ETH holds key support and RSI, AO confirm rising bullish momentum.

Whales, BlackRock, and ETF inflows boost confidence as $3K–$4K targets gain traction.

Ethereum has returned to a key consolidation range between $2,312 and $2,738 after a recent false breakout and a false breakdown. This mirrors similar price movement from May and June 2019, where Ethereum consolidated before beginning a sustained uptrend. ETH is currently trading at $2,422.

Bullish Technical Signals Form as Golden Cross Nears

The daily Ethereum chart shows a falling trend was halted after the price bounced from the $2,312 level. The price action now reflects a falling wedge structure and renewed strength above the multi-year support trendline

Source: CipherX(X)

According to CipherX, “ETH has reclaimed its multi-year support trendline,” noting that bulls managed to close back above it after a brief fakeout. Technical indicators support further gains. The 50-day Simple Moving Average (SMA) is nearing a crossover above the 200-day SMA, which would trigger a Golden Cross

This setup is widely watched by market participants and often suggests the start of a longer-term bullish phase. The Relative Strength Index (RSI) is testing the 50 midpoint, while the Awesome Oscillator (AO) has begun to show green bars, signaling momentum shift.

On-Chain Metrics and Institutional Activity Support Uptrend Outlook

On-chain activity is also picking up. According to Santiment data, Ethereum has seen a 134% increase in new addresses since June 22. Daily active addresses also rose sharply from 412,000 to 687,000 in four days. These changes reflect growing network usage and investor interest.

Source: Santiment

Institutional involvement remains strong. BlackRock reportedly acquired $100 million worth of ETH, while Fidelity recorded $60 million in ETH ETF inflows. Futures interest has grown, and whales purchased 1 million ETH on June 16, the largest daily buy since 2018, according to Glassnode data.

Source: Quinten(X)

Based on current technical and on-chain data, Ethereum’s next key resistance levels are $2,738 and $2,879. If these levels break, analysts expect a push toward $3,000 by mid-July and potentially $4,000 by Q3 2025.

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