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.