Ethereum (ETH) held relatively steady Thursday after a sharp breakout sent the cryptocurrency higher. The strong move has reignited bullish sentiment across the market, with analysts increasingly eyeing $2,900 as a potential upside target if ETH sustains its recent momentum.
Notably, over the past week, the token has surged more than 21%, marking a significant shift in market sentiment after an extended period of consolidation.
Meanwhile, crypto enthusiast Michaël van de Poppe described the recent move as a “Phenomenal breakout” and said he would prefer to see Ethereum consolidate before looking for additional buying opportunities. According to his analysis, holding above $2,000 could open the way toward $2,250 and $2,465, with $2,900 emerging as a larger target zone.
The pundit also suggested that a sustained move toward a new high could signal the end of the broader bear-market structure. His projection implies substantial upside from recent levels, potentially placing ETH around 45% higher if the cryptocurrency reaches $2,900.
Ethereum’s declining exchange balances are adding another bullish element to the outlook. Popular analytics platform Santiment reported that ETH held on exchanges fell from approximately 7.70 million coins on June 2 to about 6.54 million by August 18.
 
That represents roughly 1.15 million ETH leaving exchanges over the period. Santiment contrasted the trend with Bitcoin, whose exchange supply increased during a more recent three-week period.
The declining ETH balance suggests that fewer coins are immediately available for trading, potentially reducing sell-side liquidity if demand continues to strengthen. Santiment also pointed to elevated staking participation and growing corporate treasury holdings as factors affecting Ethereum’s available supply.
Additionally, analyst Ted Pillows highlighted Ethereum’s unusually large daily candle during the latest advance, identifying roughly $2,500 as the next important resistance area.
A decisive move above that level could further strengthen the bullish technical structure and reduce the risk of ETH returning to its recent lows. For traders, reclaiming $2,500 could therefore become an important confirmation that the latest breakout has more room to run.
Elsewhere, analyst “Daan Crypto Trades” compared Ethereum’s recent price action with a similar setup from last year. While stressing that historical patterns do not guarantee identical outcomes, he noted that unusually large daily candles have previously preceded further gains.
The analyst pointed out that Ethereum gained another 20% over the following two days during the comparable move, highlighting why traders are watching the current breakout closely.
At press time, ETH was trading at $2,282, reflecting a 19.08% gain over the past 24 hours.
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