Ether (ETH) enjoyed an impressive rise on June 11, increasing by 5.6% to $2,873.46 thanks to favorable economic indicators and optimism surrounding U.S.–China trade discussions.
Key Highlights:
- Price Movement: Ether achieved a near 12% increase throughout the week, overcoming a resistance level of $2,800.
- Economic Influences: A recent U.S. inflation report showed only a 0.1% rise in May’s Consumer Price Index (CPI), falling short of economists’ expectations, which has sparked optimism among investors.
- Institutional Investments: Reports indicate that BlackRock has accumulated around $500 million worth of Ether, and staked ETH has reached an all-time high of 34.65 million tokens, approximately 28.7% of the total supply.
Market Impact
The advancements in the U.S.–China trade negotiations reportedly include a framework to resume rare-earth exports from China, which links to the U.S. easing certain restrictions on tech exports.
At approximately 8 a.m. ET, former U.S. President Donald Trump announced via Truth Social that a deal was close, pending presidential approval. He mentioned that while U.S. tariffs would remain at 55%, concessions would be made regarding educational opportunities for Chinese students in the U.S.
As a result of these developments, trader sentiment turned bullish, prompting a surge in risk-taking behaviors across various markets.
Looking ahead, market analysts suggest Ether could potentially target the $3,000 psychological mark if it closes above $2,900.
