Ether Surges Past $2,700 Amid Increased Trading Volume
Ether (ETH) started trading at $2,576, briefly dipping to $2,562 before a surge in buying interest around 21:00 UTC on June 9. Trading volume exceeded 436,000 coins. A second wave of demand on June 10 pushed ETH above $2,700, reaching a high of $2,783, currently trading at $2,744.87, up 6.54% with 560,900 coins moved.
Key points include:
- Social sentiment has turned bullish, with forecasts suggesting potential upside toward $4,000.
- Joseph Lubin from Consensys highlighted Ethereum's role as a major settlement layer, processing over $25 trillion last year.
- QCP Capital noted factors such as the GENIUS Act and regulatory clarity for stablecoins could enhance Ether's tokenization and settlement capabilities.
- On-chain fundamentals are strong, with staked ether reaching a record 34.65 million tokens, approximately 28.7% of supply.
Technical Analysis Highlights
- Two volume-backed breakouts occurred: one above $2,600 on June 9 and another above $2,700 on June 10.
- A series of higher lows and highs indicates a strong uptrend from $2,562 to $2,783.
- Near-term resistance is at $2,796, forming a high-volume supply zone.
- A double-bottom between $2,720 and $2,740 may support consolidation before further increases.