ETH Breakout Potential: Can Institutional Demand Push Ethereum to $3,000?

Ethereum's price has been on the rise, and analysts are taking note of a potential breakout pattern that could push ETH to $3,000. A triangle formation on the 12-hour chart is similar to one seen in the past, which resulted in a 31% surge in just three days.

Analyst Ali Charts noted this similarity, suggesting that if ETH breaks out again, it could repeat the past performance and reach $3,000. This view is shared by Wealthmanager, who points out that Ethereum has already cleared its higher time-frame resistance at $2,300, $2,400.

The recent influx of institutional money into Ethereum ETFs also supports this optimistic outlook. On September 11, these funds pulled in $216.41 million in net inflows, with BlackRock's ETHA leading the way with $148.82 million in daily inflows.