Ethereum’s breakout setup is gaining strength, with the ETH/BTC ratio up 50% since June and a notable drop in long-term holder activity—echoing patterns seen before the 2021 all-time high.

Trading near $3,800, ETH is positioned to challenge the key $3,950–$4,000 resistance zone.

A decisive move above could open the path to retesting its previous peak of $4,868 within the next 4–6 weeks.

Support holds at $3,200–$3,350, though short-term risks remain. RSI levels are elevated (currently at 88.61), suggesting potential for a near-term pullback if ETH fails to stay above $3,400.

However, on-chain data—particularly the decline in Age Consumed—suggests that holders are staying put, reinforcing bullish sentiment.

Our short-term ETH target stands at $4,250, with a Q3 projection of $4,800–$5,300, contingent on sustained ETF inflows and macro stability.

For Bitcoin, consolidation between $110,000 and $120,000 is expected, with a broader Q3 range of $100,000–$135,000.

Key risks include BTC dominance shifts and overbought conditions across majors.

Ryan Lee, Chief Analyst at Bitget Research

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