Ether Rises to $2,873 on U.S.–China Trade Deal and CPI Data
Ether (ETH) hovered around $2,770 until news emerged of a draft U.S.–China trade framework. This agreement could lead to resumed rare-earth exports from China and eased U.S. technology sales restrictions.
Former U.S. President Donald Trump announced on Truth Social that the deal is pending formal approval, maintaining high tariffs on Chinese imports while promising increased supplies of rare-earth materials from China.
The news triggered a risk-on sentiment, pushing ether to approximately $2,780. By Wednesday morning, following a report of lower-than-expected inflation, ether surged to an intraday high of $2,873.46 with significant trading volume of about 527,000 coins (≈$1.47 billion).
Key metrics indicate strong institutional interest:
- Record staked ETH at 34.65 million tokens (≈28.7% of supply)
- $900 million inflow streak into exchange-traded funds over 16 days
- Futures open interest surpassing $21.7 billion
- BlackRock's $500 million accumulation over ten days
Traders anticipate a close above $2,900 for potential movement towards $3,000, while monitoring support levels between $2,750–$2,760.
Technical Analysis Highlights
- Trend: Series of higher lows since June 9 and an intraday high at $2,873 confirm an up-channel.
- Volume confirmation: CPI-triggered trading produced the day’s largest bar (≈527K ETH), validating breakout above $2,800.
- Support / resistance: Immediate support at $2,750–$2,760; upside targets at $2,900 and $3,000, secondary resistance near $3,120.
- Momentum: Hourly RSI above 60 indicates further upward potential before reaching overbought conditions.