👑Ethereum Heading Towards $3,000? It All Depends on Bitcoin's Next Move

With Bitcoin flirting with its all-time high, Ethereum (ETH) positions itself as the main altcoin to benefit from a potential breakout. Currently priced around $2,500, ETH could reach $3,000 sometime this week if BTC surpasses $110,000 and confirms a new bull cycle.

🔍 Why Could Ethereum Rise?

1. Record Accumulation by Whales and Institutions

- Accumulation addresses reached 22.8 million ETH, a historic record.

- Over 35 million ETH are staked, reducing the circulating supply.

- Institutional funds, such as BlackRock's ETF, continue to buy ETH even amidst selling pressure in futures.

2. High On-Chain Activity

- Daily transactions exceed 1.5 million, the highest level since 2023.

- The dominance of stablecoins is declining, indicating a rotation of capital towards altcoins like ETH.

3. Technical and Sentiment Catalysts

- ETH broke out of ascending triangle patterns and is testing resistances at $2,800.

- Indicators like RSI and MACD point to increasing buying strength.

- A short squeeze may be forming, with short positions at extreme levels.

4. Fundamental and Macroeconomic Factors

- The approval of Ethereum ETFs could attract up to $10 billion in flows in the second half of the year.

- The Pectra upgrade, launched in May, improved the network's scalability and efficiency.

- Expectations of interest rate cuts in the U.S. could boost risk assets like ETH.

📈 What to Expect Until the End of the Week?

If Bitcoin breaks through $110,000 strongly, Ethereum could:

- Break the resistance at $2,800 and aim for $3,000 as the first technical target.

- In case of strong momentum, extend the rally to $3,200 or more.$ETH $SOL