Ethereum Price Prediction: Chart Confirms Bull Flag Breakout, ETH Target Aimed at $3,834

The Significance of Ethereum Breaking $3,000

Ethereum has finally broken through the key price level of $3,000, ending weeks of narrow fluctuations below $2,800. Although this breakout is only temporary, it marks the first time Ethereum has risen back to this price range since early February. According to technical analyst Merlijn The Trader, after breaking through $3,000, Ethereum's next target has become clear.

Bullish flag breakout points to Ethereum's future price

While Bitcoin reached a new high, Ethereum also experienced an interesting rebound last week. However, this increase in Ethereum's price was not solely dependent on Bitcoin's momentum. Ethereum itself has attracted significant interest from institutional investors, especially with the influx of funds from spot Ether ETFs.

According to data provided by SoSoValue, the US spot Ether ETF recorded a total inflow of $907.99 million last week, marking the best performance since July 2024. On July 10, the single-day inflow reached $383.10 million, setting the record for the largest single-day inflow for the Ether ETF since 2025.

Technical analyst Merlijn pointed out in a post shared on social platform X that a confirmed bullish flag breakout has appeared on the Ethereum daily chart. Notably, this technical setup is based on a descending wedge reversal pattern, which occurred before the current upward trend.

Falling Wedge Reversal: New Target After Breakthrough

According to Merlijn's analysis chart, the descending wedge that led to the reversal started from the high point in December 2024 to the low point in April 2025, with the breakout occurring in mid-May. After the breakout, Ethereum entered a compact flag consolidation range, which continued until June, until it recently broke through $2,700.

This pattern has now been resolved, and the target price is calculated based on the price action of the flagpole section. According to this calculation, the next technical target is at $3,834.

80% of Ethereum has entered a profitable state

On-chain metrics further validate Ethereum's current strength. According to data provided by the on-chain analytics platform Santiment, since last Friday, Ethereum's price has been fluctuating around $3,000, repeatedly breaking through this level. During this process, 79.96% of the total supply of Ethereum (ETH) entered a profitable state. This ratio is the highest since January 2025.

The same data also shows that Ethereum is only 13 million coins away from its all-time high in a profitable state, which was set in December 2024. This shift towards a profit-oriented network state often promotes holding behavior and long-term belief, which may reduce future selling pressure. It is anticipated that in the coming week, Ethereum may break through $3,000, further moving towards the target price of $3,834.

Summary

Ethereum's breakthrough of $3,000 has once again attracted market attention, and with the active participation of institutional investors, there is confidence in its future rise. Through technical analysis and on-chain data, the market expects Ethereum to potentially continue towards the $3,834 target in the upcoming period. As most of the Ethereum has entered a profit state, market sentiment may remain optimistic, reducing selling pressure and further driving up prices.