Ethereum is trading near $1,900 after a 9% monthly gain, but analysts report a bullish structure is forming through technical breakouts and rising institutional demand. Corporate treasuries have surpassed ETFs as the largest buyers, with nearly 11% of ETH supply now locked by these entities. Data points to strong accumulation beneath the surface.
Ethereum has hovered near the $1,900 level after climbing almost 9% over the past month, but it remains far below its previous all-time high.
New data suggests the crypto asset is building a strong long-term setup, as technical signals and institutional demand continue to support the broader outlook.
Analyst Crypto Patel said that the leading altcoin is showing one of its strongest high-timeframe bullish structures. After several failed attempts, ETH has reclaimed its long-term descending trendline and is now consolidating above it.
The structure remains valid as long as it records daily closes above $1,510. Upside targets of $2,400, $3,000, $3,600, $4,200, and $5,000 were identified.
Another bullish signal came from the MVRV Momentum golden cross, according to analyst Ali Martinez. A move toward $3,000 could be on the cards after the altcoin broke above the MVRV level near $1,800.
Similar golden cross signals in the past were followed by major rallies. Michaël van de Poppe also sees more upside, stating that a breakout appears to be a matter of time.
Beyond price action, corporate treasuries have overtaken exchange-traded funds as the biggest buyers of Ethereum. Nearly 11% of the asset’s total supply is already locked by ETFs and digital asset treasury companies.
Bitmine Immersion kept up its aggressive buying streak last week and added another 10,399 ETH to its treasury. The purchase lifted the company’s holdings to nearly 5.8 million units, roughly 4.8% of Ethereum’s circulating supply.
Intesa Sanpaolo, Italy’s largest banking group, boosted its Ethereum exposure in the second quarter by increasing its position in a staked ETH ETF from 116,200 shares to 349,600.
