Ethereum Price Surges Above $2,700 as Staked ETH Reaches 34.8 Million
Ethereum Price Surge
- Ethereum surpassed $2,700 for the first time in nearly two weeks, rising 7.17% to an intraday high of $2,724 before retreating to $2,666.16.
- The price increase coincided with an 84.23% rise in trading volume and all-time high staked ETH.
Staking Activity
- Total ETH staked on the Beacon Chain reached 34.8 million ETH, exceeding the previous peak from November 2024.
- This represents 28.7% of Ethereum's circulating supply of 120.8 million ETH.
- Staking activity has remained above 33 million ETH over the past year, with renewed growth since early June.
Wall Street Interest
- Bernstein highlighted Ethereum as a “decentralized computer” crucial for applications like stablecoins.
- Analysts noted that Ethereum’s utility is translating into increased financial interest and fee revenue from companies using stablecoins.
Price Outlook
- RSI is near the overbought zone at around 60, indicating bullish momentum.
- Balance of Power shows bulls are in control following recent market consolidation.
- Ethereum is testing the 0.382 Fibonacci level at $2,702; breaking above $2,818 could lead to further gains toward $3,000–$3,300.
ETH Daily Chart with BoP and RSI | Source: TradingView