Ether Surges Past $2,700; Trader Calls it a ‘Beast Mode’
Ether (ETH) experienced a significant rally of 6.54%, moving beyond the $2,700 mark, buoyed by a surge in trading volume as market participants predict potential gains up to $4,000.
Key Highlights:
- ETH traded at $2,744.87, with a total volume of 560,000 coins swapped.
- Analysts at QCP Capital are optimistic, suggesting favorable macroeconomic factors that may drive ETH higher.
- Key industry figure Joseph Lubin refers to Ethereum as a critical global layer for settlement and tokenization, revealing that it facilitated over $25 trillion in transactions last year.
Current Market Analysis:
Ether began trading at about $2,576, dipped briefly to $2,562, before momentum built around 21:00 UTC. A fresh demand wave prior to 11:00 UTC on June 10 pushed it over the critical threshold of $2,700, reaching a peak of $2,783. As of this update, it was valued at $2,744.87, reflecting substantial trading activity of approximately 560,900 coins, valued at $1.51 billion.
Bullish sentiment has intensified following a trader’s comment on X (formerly Twitter), suggesting that Ether entered a genuine “beast mode” after crossing major resistance levels.
In his X thread, Lubin emphasized Ethereum’s role as a continuous settlement layer, highlighting the recent $425 million private investment into SharpLink Gaming (SBET) as a way to draw traditional investors into crypto opportunities.
Market notes highlight the advancing GENIUS Act, renewed interest in Circle’s intended IPO, and clearer regulations surrounding stablecoins as factors that could significantly boost Ether’s growth trajectory.
On-chain metrics reveal record levels of staked ETH, with 34.65 million tokens locked, accounting for about 28.7% of total supply, likely putting upward pressure on bids near $2,720.
Technical Insights:
- ETH showed resilience with two breakout phases, the first above $2,600 on June 9 and the second crossing $2,700 on June 10.
- Observations indicate a formation of ascending lower and higher lows, reinforcing a strong upward trend.
- A high-volume resistance zone has formed near $2,796.
Disclaimer: Parts of this article were generated with AI tools, subject to review by our editorial team for accuracy and adherence to standards. For further details, refer to our AI Policy.
