Ethereum has blown through the $2800 resistance level… Ethereum has hit a historic new all-time high! The crypto is up nearly 30% from its June lows just under $2,100, with today’s price sitting around $2,817. This breakout hints at a broader shift in market sentiment. Growing usage of Ethereum’s Layer 2 networks such as Arbitrum and Optimism is fueling this trend.

Ethereum’s current market cap is $353.55 billion, with a circulating supply of 120.71 million ETH. During the last month Ethereum has posted an increase of 5.84%, continuing its upward trend. The breach of the key $2,800 supply zone has opened the gates of optimism, where investors and market analysts want to tread.

The next major resistance levels are seen at $2,840, followed by $2,880, and then $2,910. Analysts suggest that a successful move above these levels could propel Ethereum towards higher targets, potentially reaching $3,066, $3,400, and $3,525. On the downside, key support levels to watch are $2,880, $2,600 and $2,370.

Layer 2 activity’s resurgence on Ethereum also deserves mention for its impact on the ecosystem. Platforms such as Arbitrum and zkSync recently crossed some pretty impressive transaction counts and total value locked (TVL) metrics. This unprecedented increase demonstrates the increasing adoption and usage of Ethereum’s scaling solutions.

In another sign of this growing trend, SharpLink Gaming just recently purchased more than 205,000 ETH at a value of $618 million. This major purchase is a testament to the increasing institutional appetite for Ethereum and what it could become in the years ahead.