#ETHBreakout3.5k Ethereum's price is showing bullish momentum after breaking out from the $2,613 resistance level, which coincides with the neckline resistance of an inverted head-and-shoulder pattern. This breakout could lead to a 10% rally, pushing the price to $2,865, and potentially extending to $3,120.

*Key Factors Driving Ethereum's Price:*

- *Institutional Investor Interest*: Renewed demand from institutional investors#ETH🔥🔥🔥🔥🔥🔥 has contributed to Ethereum's recent price surge, with some analysts predicting a potential jump to $3.5K.

- *Strong Support Level*: Ethereum has found strong support at the $2.5K level, with over 3.45 million ETH having a cost basis in the $2,513-$2,536 range, indicating a massive concentration of supply defending this level.

- *Whale Accumulation*: Crypto whales continue to accumulate ETH, with a wallet related to Cumberland withdrawing 13,100 ETH (worth approximately $33.58 million) from the Binance exchange.

*Potential Price Targets:*

- *Short-term Target*: $2,865 (10% rally from current levels)

- *Long-term Target*: $3,120, potentially extending to $3.5K driven by renewed demand from institutional investors

Keep in mind that cryptocurrency prices can be highly volatile, and market predictions are subject to change based on various factors ¹ ².