Ether Pushes Past $2,700 as On-Chain, Macro, and Sentiment Align for Bullish Continuation
Ethereum’s native token ether (ETH) surged 6.54% over the past 24 hours, breaking decisively above the $2,700 threshold in a move supported by robust technical momentum, bullish investor sentiment, and favorable macro signals.
ETH opened the session near $2,576, briefly retraced to $2,562, then rallied sharply as buying accelerated late on June 9, with 436,000 ETH traded during the first breakout leg. A second wave of volume-backed demand on June 10 pushed prices as high as $2,783, before settling near $2,744 at the time of writing. Daily trading volume exceeded $1.5 billion.
According to CoinDesk Research’s technical model, ETH’s price structure is now marked by a well-defined uptrend, characterized by higher lows, higher highs, and successive resistance breakouts. Immediate resistance now lies near $2,796, while strong support has formed around the $2,720–$2,740 zone — reinforced by a visible double-bottom pattern.
Market sentiment has turned decisively bullish. A prominent trader on X described the recent move as “beast mode,” noting ETH’s resilience and momentum after clearing major resistance levels at $1,500 and $2,200, with projections now aiming at $4,000.
Institutional backing appears to be growing. Ethereum co-founder Joseph Lubin emphasized the protocol’s role as a foundational settlement layer, facilitating over $25 trillion in annualized volume. He also pointed to a $425 million private investment into SharpLink Gaming as indicative of traditional capital moving to capture Ethereum-based yield opportunities.
Macro factors are also supportive. In a note to clients, QCP Capital cited multiple catalysts: the advancement of the GENIUS Act, regulatory clarity for stablecoins, and renewed attention on Circle’s IPO. These developments, QCP said, could accelerate Ethereum’s role as the infrastructure for tokenization and permissionless finance.
Additionally, on-chain fundamentals continue to tighten the bull case. The amount of staked ETH has reached an all-time high of 34.65 million, locking up nearly 29% of circulating supply, which may reduce sell pressure and increase price responsiveness to demand shocks.
In summary: With volume surging, fundamentals aligning, and macro tailwinds in play, Ethereum appears well-positioned for continued upside — with $3,000 now in clear sight and $4,000 increasingly part of the conversation.
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