Ethereum Rips 30%, Eyes $2,000 as Bulls Gain Asymmetry

Ethereum has been on a tear lately, with prices surging 30% in just 30 days. The altcoin's price hit a 55-day high of $1,980 earlier this week and is currently trading around $1,958 after a marginal pullback.

Zooming out to the bigger picture, Ethereum has been quietly putting together one of its strongest months of 2026. It bottomed near $1,540 in late June and has since gained roughly 30% in 30 days.

The rally has been methodical rather than explosive, with higher lows since July 1, a clean break of $1,800 in mid-July, and now a direct test of the psychological $2,000 barrier. The question for traders is whether this is the start of a genuine trend expansion or the final leg of a relief rally into heavy supply.

The 3-hour chart tells a clean story in three phases: the base between June 24 and June 30, the breakout above $1,600 on July 1, and the grind higher from July 15 onward. The structure is intact, with higher highs, higher lows, and a flipped support level holding on every retest.

The Relative Strength Index (RSI) sits at 72.08, comfortably above its signal line, which is technically overbought territory. However, context matters here: RSI above 70 in a downtrend is a sell signal, but in a confirmed uptrend like this one, it's a momentum confirmation.

The chart shows US macro event markers clustered on July 27, 29, and 30, which could drive broad risk sentiment. However, the underlying bid looks structural rather than macro, with spot ETH ETF flows holding up through consolidation and staking participation at record levels.