Ethereum Price Surges 30% in One Week, $3,000 Retest Looms

The Ethereum price has surged about 30% in one week, taking it to around $2,500-$2,510 and making a retest of $3,000 more likely.

This rally has come with stronger buying from the market, including spot Ethereum ETF inflows that reached $697 million last week. Institutional investors have also continued to accumulate ETH, while Bitcoin's move above $80,000 added strength to the wider crypto market.

A recent Elliott Wave analysis by More Crypto Online suggests ETH is following Bitcoin towards a possible direct breakout, with daily and short-term charts showing impulse waves, Fibonacci retracement levels, and higher price targets. However, the Ethereum daily RSI is near 80, putting the market close to overbought territory.

Ethereum developers have proposed a post-quantum-ready deposit contract designed to help the network move away from its current reliance on BLS deposits. This proposal would allow the deposit system to support different types of public keys and credential information.