Ethereum Chart Shows Bull Flag Breakout: $3,834 Target Appears

Ethereum Surges Past $3,000 Again

Ethereum has finally hit the $3,000 mark after spending a few weeks trading below $2,800. It’s the first time since early February that it’s climbed back to this level. Technical analyst Merlijn The Trader notes that Ethereum’s next target is already in sight following this breakout.

A bull flag breakout indicates the measured movement of Ethereum’s price. Last week saw a notable rally for Ethereum, coinciding with Bitcoin reaching a new all-time high. However, the increase in Ethereum’s price to $3,000 wasn’t solely influenced by Bitcoin’s momentum. Instead, there’s been significant institutional interest in the Spot Ethereum ETF.

Spot Ethereum ETFs based in the US saw a combined influx of nearly $908 million last week, according to data from SoSovalue. This was a promising week since their release in July 2024.

Merlijn shared insights on social media, highlighting a confirmed bull flag breakout on Ethereum’s daily candlestick chart. Interestingly, this setup follows a falling wedge inversion that came before the current uptrend.

In the chart he shared, the falling wedge that led to the price reversal formed from a high in December 2024 to a low in April 2025, with a breakout occurring in mid-May. Following this breakout, Ethereum has been in a tight consolidation resembling a flag, spanning from May to June, with the recent breakout surpassing $2,700.

This pattern seems promising, with the next technical target based on the price action forming the bull flag pole. This suggests that the next price interest is around $3,834.

Currently, around 80% of ETH holders are in profit. An on-chain indicator backs up Ethereum’s current strength. Since Friday, Ethereum has fluctuated around the $3,000 mark, crossing it multiple times. Data from the analytics platform Santiment shows that 12,413 million of the total supply is now profitable, which amounts to approximately 79.96% of all tokens. This figure is particularly noteworthy as it’s the highest recorded since January 2025.

Moreover, only 13 million coins separate Ethereum from matching the profitable supply recorded during the previous all-time high in December 2024. This could enable Ethereum to maintain daily candles above $3,000 and move toward the $3,834 target in the upcoming week.