Ethereum targets $6,700 after forming a bullish wedge on the weekly chart.
Record ETF inflows and rising network activity drive strong institutional demand.
RSI and TVL data confirm bullish momentum with potential for a massive breakout.
Ethereum's ETH has smashed through $3,400—and the fuel behind the move isn’t slowing down. Record ETF inflows, rising network activity, and a powerful chart pattern suggest something big brews beneath the surface. Analysts aren’t whispering anymore—they’re shouting. ETH could soon break out and surge toward $6,700. For traders and investors watching from the sidelines, the clock is ticking. Ethereum isn’t waiting, and those who hesitate could miss the next moon-bound move.
https://twitter.com/Washigorira/status/1946861793260838981 A Technical Setup That Screams Bullish
Ethereum now advances inside a right-angled descending broadening wedge on the weekly chart. These patterns often lead to explosive breakouts. The short-term target sits at $4,100. That’s the level to watch for the initial breakout confirmation. Once that level flips into support, the $6,700 objective enters play. This isn’t just a fantasy fueled by hype. Ethereum jumped over 10% in 24 hours. Over seven days, it gained 25%, pushing toward a six-month high of $3,481.
Behind this surge? Not retail traders. Not bots. Spot ETH ETFs just saw record inflows of $727 million—in a single day. Those ETF products now hold nearly 4% of all circulating Ethereum. That’s not a small feat. Over the past five days alone, ETH ETFs attracted $1.76 billion. Institutions aren’t testing the waters—they’re diving headfirst.
Ethereum’s Heartbeat Grows Louder
Ethereum's On-chain activity tells the same story. Active addresses rose by 9.4% in 30 days. In just 24 hours, the number jumped 2% to hit 1.49 million. Daily active wallets crossed 463,000. The Ethereum engine runs hot—and shows no signs of cooling. Network fees reflect this demand. Over the past week, Ethereum generated $14 million in fees, a 139% rise. Since July 5, daily fees exploded over 475%, reaching $3.11 million. That kind of spike draws attention. It also boosts the case for Ethereum’s growing utility in DeFi and dApps.
Total value locked soared too. In just three weeks, Ethereum’s TVL jumped from $57.2 billion to $78.2 billion. That’s a 36% leap. No other chain comes close. Ethereum now dominates 58% of the market by TVL. Solana? Just 7.2%. BNB Chain? A modest 5%. Ethereum’s RSI also gives bulls a reason to cheer. On the three-week chart, the RSI flashed a strong buy signal back in April. Historically, similar readings preceded massive price surges—1,360% in 2021 and 350% between 2023 and 2024.
Popular analyst Mikybull Crypto doubled down on that signal. He believes ETH could hit $10,000 once the RSI enters its upper range. Another analyst, Biashara, echoed that sentiment, citing bullish ETH/BTC fractals and treasury accumulation. The stars align. ETFs drive institutional demand. Network use surges. Technical signals flash green. Ethereum isn’t just preparing for a breakout—it’s already halfway out the door.
