• Ethereum price forms a symmetrical triangle with the altcoin pressing toward a key breakout zone near $2,900.
• BlackRock and Fidelity collectively bought over 33,000 ETH worth $88.7M, signaling rising institutional demand.
• Chart analysis suggests a breakout could trigger a move toward $5,000 if Ethereum (ETH) clears the current resistance level.

Large institutions have been making significant purchases, fueling renewed interest in the Ethereum price. A potential breakout trend is forming, signaling a crucial movement ahead.

Market data indicates strengthening demand, reinforcing bullish sentiment. The technical structure suggests key levels determining how the ETH price will evolve.

Notably, BlackRock and Fidelity purchased a significant amount of Ethereum this week, up to over 33,000 ETH. According to Whale Insider, BlackRock has purchased 18,803.16 ETH for $50.4 Million. Soon after, Fidelity completed a purchase of 14,288.91 ETH that cost around $38.3 million.

Consequently, these acquisitions arrive as discussions around spot Ethereum ETFs gain momentum in regulatory circles. Institutions adjust their strategies before the U.S. Securities and Exchange Commission decides.

The substantial ETH purchases indicate that large investors consider Ethereum a long-term portfolio addition. Ethereum whales have acquired over 1 million ETH within 48 hours, showing strong confidence in the market.

Wallets holding between 100,000 and 1 million ETH have seen a notable increase. This accumulation coincides with the Ethereum price trending towards $2,700. The surge in large-holder balances suggests bullish sentiment among investors.

Frequently, this accumulation level would come before big price jumps, because less is available for sale on exchanges. Whales may be preparing to take advantage of an ETH price rise or a major event.

On the technical side, Crypto Gems noted that the Ethereum price forms a symmetrical triangle pattern on the daily chart. The price has moved between two trendlines, forming higher lows and relatively steady highs.

Usually, it indicates that the asset could start moving in one direction once it breaks the line. At press time, the ETH price tests the upper trendline near the $2,900 resistance level.

This zone has held firm through several attempts, but momentum is building. A significant upward move could follow if Ethereum price breaks above this level with strong momentum. The chart structure suggests that this breakout may trigger a major rally.

Crypto Gems noted that a successful breakout from the symmetrical triangle could position the ETH to rally toward $5,000. Based on chart projections, this target aligns with the triangle height added to the breakout point.

The pattern’s formation began in early May, and the range has now narrowed, suggesting a move may be near. Furthermore, the analyst monitors volume activity and trendline support for further confirmation.

Ethereum has not dropped below a key ascending support during the period of consolidation. Breaking $2,900 with higher volume could support the breakout, bringing in more buyers and creating more strength.

MikybullCrypto observed that the Ethereum price was consolidating within an ascending triangle pattern. This suggests increasing bullish momentum and a potential breakout ahead.

The pattern is marked by higher lows along a rising trendline and repeated tests of horizontal resistance near $2,700.

Moreover, the price has tested the upper boundary multiple times without a decisive move yet. Nevertheless, as options narrow down, support from buyers is beginning to grow.

If ETH moves above $2,700 with strong trading, the target for the next move set by the analyst is $3,200. When writing, ETH price traded at $2,609, down 3.17% on the day following a broader crypto market correction.

The top altcoin struggles to break past $2,695 as selling pressure builds. Meanwhile, support holds firm above $2,580 despite high volatility and waning trading activity.

Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.