Ethereum price is exhibiting bullish signals as ETH is on its way to testing a key $2,500 level. Increased on-chain activity, favorable treasury inflows, and bullish regulatory movements in Europe have networked with the nascent positive sentiment to increase speculation for a possible breakout. As important technical indicators come into place and institutional interest continues to expand, the future seems bright for Ethereum.

Ethereum’s price increased 2.29% in the last 24 hours, hovering at $2,486. Interestingly, this increase happens alongside a sharp increase in network activity, with 20.2 million weekly active addresses recently reaching an all-time high. This explosive growth highlights the increasing utility and adoption of Ethereum, powering a myriad of decentralized applications.

Record Network Activity and DeFi Dominance

Ethereum’s network is currently going through an unprecedented level of activity as shown by the all-time high of 20.2 million weekly active addresses. During this time, the network’s adoption has exploded, with over 658,000 active wallets. These wallets work effortlessly across many blockchain layers, a representation of the strong infrastructure and varied ecosystem. Such an amount of engagement is a clear sign of increasing user confidence and utility on Ethereum’s network.

As the base layer for decentralized finance (DeFi), Ethereum continues to develop a deep moat and draw in lots of capital and development. After the successful Dencun upgrade in March 2025 which drastically lowered transaction costs through the roof and increased network throughput even more, Dencun became a highly desirable alternative. This step forward has been crucial in leading to greater adoption and activity across the entire Ethereum ecosystem.

That spike in network activity is showing up in the options market as well. Currently, 936,000 ETH options worth almost $2.3 billion are about to expire on June 27. This significant volume indicates strong market interest and potential volatility as traders adjust their positions ahead of the expiration date.

Institutional Inflows and Strategic Treasury Management

Institutional investors are waking up to Ethereum’s potential as a strategic asset. Europe’s new MiCA regulatory framework has pushed a move towards decentralized treasury models, with Ethereum as the primary beneficiary. This regulatory clarity has led to greater investment and fostered more confidence in Ethereum-based solutions.

SharpLink Gaming has the largest Ethereum treasury of any public company, with 188,478 ETH, worth about $457 million. This major holding further highlights the positive momentum of companies turning their corporate balance sheets into Ethereum. More recently, Bit Digital announced that it would make a strategic pivot to becoming an Ethereum-centric treasury and staking company.

Bit Digital’s strategic pivot to Ethereum is evident as the company has increased its Ethereum portfolio to 24,434 ETH. The firm intends to use proceeds from a recent new equity offering to double down on its ETH exposure. This relocation underscores the increasing sentiment that Ethereum as a whole represents significant long-term value and capital appreciation opportunity.

Technical Outlook and Potential Breakout Scenarios

From a technical analysis perspective, Ethereum is at an important test at the $2,500 level. This price level coincides with the 200-day SMAs. Additionally, it tests the upper limit of a descending channel. If bulls can manage a break and close above this level, it would be enough to signal a continuation of the uptrend with strength.

Ethereum’s current market cycle seems like it could be following the same four-year cycle that we’ve seen in 2017 and 2021. Ethereum has a projected breakout range of $2,738 to $2,879. If inflation continues to drive demand, we may witness all-time highs exceeding $3,000. These targets are dependent on first getting past the next immediate resistance at $2,500.

Over the past 24 hours, Ethereum futures experienced an incredible $49.49 million in combined liquidations. That was broken out by $30.09 million from long positions and $19.40 million from short positions. Such a high level of liquidation reflects a high amount of volatility and speculative trading activity in the market. Despite the lack of bullish breakout confirmation yet, the general feeling is one of cautious optimism, awaiting a move confirmed above $2,500.