After a hiatus that raised questions among observers, Ethereum ( ETH) has seemingly regained its momentum, with the digital asset at one point gaining approximately 8% in just 24 hours. In fact, since Ethereum’s Pectra upgrade on May 7, ETH has grown by more than 50%, making it one of the best-performing digital assets of the month.

The top digital asset’s surge has partly been attributed to news that Nasdaq-listed Sharplink Gaming plans to adopt ETH as its primary treasury asset. As reported by Bitcoin.com News, the gaming company plans to achieve this by means of a $425 million private investment in public equity (PIPE).

Furthermore, the reported surge in Ethereum Futures open interest to $36.1 billion, an all-time high, is also seen as signaling increased institutional interest. Some analysts see the increased adoption of the digital asset by institutions not only sustaining ETH’s current USD price levels but also supporting its run to over $3,000 in the near term.

One of those analysts, Arthur Azizov, founder and investor at B2 Ventures, told Bitcoin.com News that “the stage for a future $3,000 level breakout is being set right now.” Like his fellow analysts, Azizov sees institutional interest in ETH “obviously growing.” While technical analysis suggests that ETH “tested a strong $2,750 level twice within a month,” pointing to either a pullback or a sharp breakout, Azizov said current signals point to the latter.

“Even the breakout past the closest $2,670-$2,700 zone confirms a very strong bullish pattern from a descending triangle. As far as I remember, this setup has preceded continuous upside momentum in previous cycles. Add here the RSI near 68, which isn’t overbought yet, and you’ve got a setup with bullish sentiment and the room for gains before a correction,” Azizov stated.

B2 Ventures also concurred that the digital asset’s fundamentals, including Sharplink Gaming’s Ethereum treasury company plans back the bullish sentiment. Azizov, however, warns of risks, particularly the abuse of leverage in futures markets. He said this may increase volatility and provoke a sharp breakdown below the $2,550-$2,450 support zone. This, he argues, could easily trigger a “selling waterfall.”

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