Ethereum Breaks Resistance, Targets $3,000 as Capital Rotation Continues

Ethereum has broken its resistance at $2,463 and is now targeting $3,000. The token gained 29.8% in seven days, outperforming Bitcoin's 22.9% advance. This surge is significant, especially considering Ethereum spent most of 2026 as the worst-performing major asset.

The ETH/BTC ratio has also recovered, reaching 0.0318 on August 24, its highest level in ten months. This indicates that capital is rotating towards Ethereum rather than away from it. The golden cross signal on the ratio chart confirms this trend, showing that Ethereum's momentum against Bitcoin has genuinely turned.

Spot Ethereum ETFs have taken $116 million on August 24, with BlackRock's ETHA leading at $90.92 million. This represents a significant demand for Ethereum, which is essential to maintain its upward momentum. However, there are concerns that if inflows stall or reverse for multiple consecutive weeks, the demand narrative could break, and ETH might return below $2,400.