Ether (ETH) has demonstrated significant strength, surging towards the critical $3,000 resistance level amid a confluence of positive macroeconomic news and powerful on-chain accumulation trends. On Wednesday, ETH broke out decisively, vaulting from the upper-$2,780s to an intraday high of $2,873.46. This powerful move was ignited by two key catalysts. The first was a tentative U.S.–China trade framework, which sparked initial risk-on sentiment across global markets. This was quickly followed by a softer-than-expected U.S. Consumer Price Index (CPI) report for May. The U.S. Labor Department revealed that both headline and core CPI rose just 0.1% month-on-month, undercutting forecasts and fueling expectations for potential Federal Reserve rate cuts later this year. The market reaction was immediate: Treasury yields and the dollar fell, while risk assets like equities and cryptocurrencies rallied. The ETHUSDT pair reflected this bullishness, trading at $2,793.75, marking a 6% gain over 24 hours.

Underlying Strength: Whale Accumulation and Institutional Interest

While macroeconomic factors provided the immediate spark for the rally, a powerful undercurrent of accumulation by large holders has been building for weeks, providing a solid foundation for the price ascent. According to data from crypto analytics platform Santiment, wallets holding between 1,000 and 100,000 ETH—often referred to as whales and sharks—have been in a sustained buying phase. Over the past 30 days, these influential cohorts have added a staggering 1.49 million ETH to their holdings. This represents a 3.72% increase in their combined wallets, bringing their total control to 26.98% of the entire circulating supply of Ether. This divergence, where large, long-term investors accumulate while smaller retail wallets appear to be taking profits, signals a strong conviction in ETH's future prospects among its most significant stakeholders.

Institutional Metrics and Technical Outlook

The institutional landscape paints a similarly bullish, albeit nuanced, picture. While U.S.-listed spot Ethereum ETFs recently saw minor net outflows of $2.2 million, ending a remarkable 19-day inflow streak according to data from Farside Investors, the broader structural tailwinds remain firmly in place. The amount of staked ETH recently climbed to a new all-time high of 34.65 million tokens, equivalent to nearly 28.7% of the total supply, underscoring a long-term commitment from investors. Furthermore, futures open interest has printed a fresh high above $21.7 billion, indicating robust activity and engagement from sophisticated traders. From a technical standpoint, the breakout was validated by a significant surge in spot volume, with approximately 527,000 ETH (worth ~$1.47 billion) changing hands during the CPI-driven rally. Traders are now watching key levels closely. The immediate support has formed in the $2,750–$2,760 band. A decisive close above the $2,900 level is the next critical hurdle, which could open the door for a sustained run toward the psychological $3,000 mark. The ETH/BTC trading pair also shows strength, climbing nearly 4% to 0.0251, suggesting Ether is currently outperforming Bitcoin and capturing a greater share of the market's bullish momentum.