Ethereum Breaks Through $3K Mark, Driven by ETF Demand and Tokenization Narrative

Ether Surges Toward $3,000, Riding Wave of ETF Inflows and Renewed Institutional Interest

Ethereum’s native cryptocurrency, ether (ETH), climbed sharply on Thursday, inching closer to the $3,000 mark — its highest level in over four months — as bitcoin (BTC) broke new record highs, lifting the broader crypto market.

ETH rose 6.7% over the past 24 hours, showing renewed strength after lagging behind BTC and Solana (SOL) throughout this market cycle. Analysts note that investor sentiment around ether has started to turn more optimistic.

“ETH has taken the lead in price momentum, rallying off recent lows amid a pickup in derivatives activity and growing enthusiasm around its broader role in settlement and tokenization infrastructure,” said Joel Kruger, market strategist at LMAX Group.

One significant driver behind ether’s latest rally has been robust inflows into U.S.-listed spot ETFs, which have collectively drawn more than $500 million so far in July. Additionally, more corporations are diversifying their crypto holdings beyond bitcoin, with firms such as Sharplink Gaming and Bitmine Immersion Technology adding ETH to their balance sheets.

Prominent crypto trader Pentoshi highlighted the rapid pace of institutional accumulation:

“In less than one month, public companies will have bought enough ETH to offset all the ETH that’s been created since the merge. It’s 1/9th the market cap of BTC and takes far less capital to move. That capital is clearly coming.”

Technical Picture:

• Data from CoinDesk shows ETH staged a powerful 6% rally between 20:58 UTC and 21:57, rising from $2,819.07 to $2,996.85.
• The rally developed in phases, starting with consolidation around $2,824, breaking through resistance at $2,845, $2,870, and $2,920, before topping near $2,993.
• Firm support was identified around $2,756.18 and $2,761.11.
• Significant resistance remains near $2,993.34, potentially dictating the token’s next move.

As ETH edges closer to the psychologically significant $3,000 level, traders are keeping watch to see whether it can break higher, potentially igniting a wider rally in the altcoin market.