Ether (ETH) began trading around $2,576 before experiencing notable market activity on June 9. Following a brief dip to $2,562, a surge in buying interest spiked around 21:00 UTC, resulting in a turnover exceeding 436,000 coins. On June 10, a second wave of demand propelled ether past the $2,700 mark, reaching a high of $2,783; it was trading at $2,744.87 at the time of reporting, marking a 6.54% increase on a trading volume of 560,900 coins worth $1.51 billion. Social sentiment reflects a bullish outlook, with a prominent trader on X declaring that ether is now in a 'beast mode' after overcoming previous price barriers of $1,500 and $2,200 and forecasting further gains towards $4,000.
Joseph Lubin, founder of Consensys, emphasized Ethereum's role as a critical settlement layer, noting that it processed over $25 trillion in transactions last year. He highlighted a recent $425 million investment in SharpLink Gaming aimed at attracting traditional investors to Ethereum’s yield opportunities. Market analysts at QCP Capital also pointed to legislative developments like the advancing GENIUS Act and increasing regulatory clarity for stablecoins as favorable factors for Ethereum’s growth. Moreover, on-chain data indicates that staked ether has reached a record 34.65 million tokens, accounting for about 28.7% of circulating supply, which may intensify demand around the current support near $2,720.
Ether has showcased a series of significant breakouts, first surpassing $2,600 on June 9 and then $2,700 on June 10. The market trend, characterized by a clear series of higher lows and higher highs, suggests a strong upward trajectory. Resistance is currently seen at a high-volume supply zone around $2,796, while a double-bottom formation between $2,720 and $2,740 could provide support for continued consolidation and potential further price increases.
Joseph Lubin, founder of Consensys, emphasized Ethereum's role as a critical settlement layer, noting that it processed over $25 trillion in transactions last year. He highlighted a recent $425 million investment in SharpLink Gaming aimed at attracting traditional investors to Ethereum’s yield opportunities. Market analysts at QCP Capital also pointed to legislative developments like the advancing GENIUS Act and increasing regulatory clarity for stablecoins as favorable factors for Ethereum’s growth. Moreover, on-chain data indicates that staked ether has reached a record 34.65 million tokens, accounting for about 28.7% of circulating supply, which may intensify demand around the current support near $2,720.
Ether has showcased a series of significant breakouts, first surpassing $2,600 on June 9 and then $2,700 on June 10. The market trend, characterized by a clear series of higher lows and higher highs, suggests a strong upward trajectory. Resistance is currently seen at a high-volume supply zone around $2,796, while a double-bottom formation between $2,720 and $2,740 could provide support for continued consolidation and potential further price increases.
