Ethereum Eyes $2K As ETF Drive New Momentum

While uncertainty persists in the crypto market, Ethereum stands out with dynamics that attract attention. Boosted by a massive return of institutional capital, strong on-chain indicators, and a favorable technical setup, the asset seems ready to challenge the $2,000 resistance level. Amid ongoing volatility, ETH is reclaiming a central role in investment strategies, supported by converging signals that market operators cannot ignore.

The Catalytic Effect of Institutional Flows

Recent investment data confirm a notable resurgence of institutional interest in Ethereum. ETH-linked investment products have recorded inflows of $183 million in the past week, ending a run of eight consecutive weeks of outflows.

On April 28, Ethereum ETF funds saw a net inflow of $64.1 million, consolidating momentum initiated by inflows of $151.7 million in the week ending April 25, the highest figure since February.

James Butterfill, Head of Research at CoinShares, analyzes this phenomenon as follows :

We believe that concerns regarding tariff impacts on corporate profits and the dramatic weakening of the US dollar explain why investors are turning to cryptos, viewed as new safe havens.

This influx of capital is accompanied by several key indicators that strengthen the buying pressure on Ethereum :

• $183 million inflows into ETH investment products last week ;
• $64.1 million net inflows recorded on April 28 alone for Ethereum ETFs ;
• $151.7 million cumulative inflows during the week ending April 25, marking the highest level since February ;
• A macroeconomic interpretation where Ethereum benefits from a loss of confidence in the US dollar, considered “dramatically weakened” by several crypto analysts.

The combination of these factors largely explains the return of bullish momentum around Ethereum, without guaranteeing a linear progression in a market context still prone to rapid reversals.

A Solid On-Chain Infrastructure that Strengthens Outlook

Beyond institutional interest, the health of the Ethereum ecosystem itself reinforces the outlook for continued gains. The total value locked (TVL) on Ethereum stands at $51.8 billion, representing a 16 % increase over the week.

Several major protocols contribute to this growth, including Aave (+13.5 %), Lido (+12 %), EigenLayer (+13 %), and Ether.fi (+12 %). Meanwhile, volumes traded on Ethereum-based decentralized exchanges (DEXs) surged 30 % over the same period to reach $1.65 billion. Even though SUI (+78 %) and Solana (+44 %) show faster volume growth, Ethereum maintains a clear lead in absolute value.

Technically, ETH displays an encouraging setup with the formation of a “bull flag” on the 4-hour chart. A confirmed breakout of this bullish pattern could project the price toward a $2,100 target, a potential 15 % rise from current levels.

Moreover, the relative strength index (RSI) remains positive at 60, reinforcing an optimistic reading of the crypto market. This convergence of on-chain momentum and favorable chart signals could lead to a scenario in which Ethereum soon breaches $2,000 and establishes itself sustainably above this threshold.

The strength of these fundamentals opens positive prospects for Ethereum but also calls for caution. If the $2,000 level is surpassed, bullish momentum could quickly accelerate toward $2,100 or even $2,500, as some analysts suggest. However, any failure to maintain key technical levels, notably the $1,800 support identified as critical, would expose ETH to correction phases. In a crypto market still sensitive to macroeconomic uncertainties and regulatory shocks, vigilance remains essential.