ETH can reach $3,400 if it continues to hold this important support.

Ethereum (ETH) has the potential to continue rising, with on-chain data and market activity indicating the possibility of reaching the $3,400 mark. Notably, this could very well happen in the short term if ETH holds strong at important support zones. In light of this outlook, analysts and observers are closely following the recent movements of whales.

In addition, the inflow of funds into ETF funds and the cost distribution data are also being closely monitored to find clues for the next price trend.

Cost basis distribution shows strength around the $2,750 zone

According to the latest data from Glassnode, Ethereum has surpassed the $2,700 threshold – where the 200-week moving average is acting as a strategic support zone. Cost distribution data shows that approximately 1.3 million ETH is held in the price range from $2,700 to $2,740 and an additional 800,000 ETH at $2,760 – further reinforcing the strength of the support zone around the $2,750 mark.

Source: GlassnodeThis level has been tested since March 2025, when $1,890 was considered an important price level. Additionally, the chart also shows that ETH has experienced 53% green days in the last 30 days, with a volatility of 2.29%.

These signals, although at a moderate level, indicate that the market has a stable upward trend rather than strong fluctuations. The resistance level is near $2,832, but analysts believe that holding above $2,750 could trigger a price surge to $3,500.

Moreover, the actions of whales also contribute to adding weight to this outlook. For example, Lookonchain reported that in the past 24 hours, a wallet withdrew 13,037 ETH ( worth about 35.5 million dollars) from Binance.

In a more positive move, Abraxas Capital has collected 44,612 ETH (, around 123 million dollars ) from Binance and Kraken in over 14 hours. This accumulation level indicates that larger investors believe ETH has strong potential at the current price.

Ethereum ETF market records 14 days of inflow

It is important to mention that the new momentum in the Ethereum ETF market is also boosting confidence. According to Farside Investors, there has been a 14-day streak of inflows into the funds. Current data shows that the net inflow is 125 million USD as of June 10.

This chain is primarily driven by BlackRock's ETHA and Fidelity's FETH, accounting for over 80% of the net inflows since July 2024. Grayscale ETH and Bitwise ETH recorded $9.7 million and $8.4 million respectively on June 10.

These inflows are tightening supply, especially as 70 million ETH have been staked following the direct implementation of the Pectra upgrade at the beginning of the quarter. Some market participants also believe that the SEC's recent approval of ETF options trading has contributed to this situation.

The approval has increased the confidence of investors, especially institutions, making ETH one of the most sought-after assets.

The outlook remains optimistic, but support must be held firm

According to the current bullish outlook, the question remains: where will the price of ETH go? The price of ETH is trading above the 200-day exponential moving average (EMA) and seems to be forming a bullish flag pattern.

As of the time of writing, ETH is trading at $2,756, down 1.3% in the last 24 hours. If it crosses the $2,870 level, the price could soon rise to $3,500. However, traders must closely follow key levels, as failing to maintain support at $2,750 could lead to a retest of $2,600 or lower.

On the positive side, sustainable support, continued interest from ETFs, and widespread accumulation could drive momentum up to $3,400 by mid-2025.

With strong support, selling pressure decreasing, and capital flow from institutions, top altcoins by market capitalization are in a good position to execute this massive price reversal.

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