Ethereum (ETH) is back in the spotlight as analysts and traders eye a potential breakout past the stubborn $2,800 resistance, a level that has repeatedly halted upward momentum over the past month.

With growing institutional interest, regulatory clarity, and bullish social sentiment, some now believe a run toward $3,500 is within reach.

Momentum Meets a Wall

At the time of this writing, ETH was trading at around $2,775, marking a 9.1% gain in the last 24 hours and a more modest 6.2% increase over the past seven days, per data from CoinGecko.

While the asset slightly underperformed the broader crypto market’s 3.3% weekly growth, its recent rally comes on the back of a strong regulatory tailwind. On June 9, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins declared staking and wallet software development outside the scope of securities laws, signaling a dramatic shift in the agency’s stance on decentralized finance (DeFi).

Yet despite the bullish news, the world’s second-largest cryptocurrency by market cap remains range-bound between $2,475 and $2,775. “The price has swept the highs and the lows and has retested the range high for the 4th time now,” noted Daan Crypto Trades on X, advising patience until a decisive move occurs.

Market watcher Michaël van de Poppe echoed the sentiment, suggesting that a breakout past $2,800 could ignite a surge toward the $3,400 to $3,500 level, provided ETH holds above the critical $2,575 support zone.

Caution Amidst the Optimism

But not everyone is convinced the good times are coming just yet. Analyst Čyrus Ologun cautioned that ETH remains in a downtrend unless it closes decisively above the aforementioned $2,800, predicting a possible pullback to $2,200. His hypothesis aligns with CryptoPotato’s latest technical analysis, which flagged a bearish rising wedge pattern and growing selling pressure, as reflected in the declining 30-day Taker Buy-Sell Ratio.

Nonetheless, the fundamentals are improving. As angel investor Momin Saqib highlighted not long ago, Ethereum is enjoying “7 straight weeks of net inflows,” with over $815 million going into ETH ETFs in just 20 days, and a record 34.6 million ETH staked, which is roughly 28% of the total supply. Moreover, the SEC’s remarks have galvanized institutional conviction, with major players like BlackRock and Fidelity reportedly increasing ETH exposure.

While the asset’s all-time high of $4,878 remains a distant 45% away, the journey back toward that position could be kick-started by the convergence of regulatory clarity, institutional momentum, and increasing on-chain activity, with more than 16 million active addresses recorded so far this week. As pseudonymous trader Master of Crypto put it: “This isn’t just a price pump… People are actually using ETH.”

For now, the consensus seems to be that $2,800 is the line in the sand. A break above could open the floodgates to $3,000 and beyond.