Ether (ETH) ETH began the 24-hour session around $2,576 in early Asian trading, briefly dipped to $2,562 on light volume, then saw buying interest surge around 21:00 UTC on June 9 as turnover topped 436,000 coins, according to CoinDesk Research's technical analysis model.
A second wave of demand just before 11:00 UTC on June 10 drove ether through the $2,700 barrier to a 24-hour high of $2,783; by press time it was trading at $2,744.87, up 6.54 percent on 560,900 coins (US$1.51 billion) moved.
Social sentiment has turned decidedly bullish. A popular trader on X said the move amounted to ether entering a true “beast mode” phase after brushing aside $1,500 and $2,200 barriers and forecast further upside toward $4,000 and beyond.
In an X thread on June 3, Consensys founder Joseph Lubin portrayed Etheruem as a nonstop settlement layer that processed over $25 trillion in transactions last year and serves as the backbone for stablecoins, tokenized assets, native yield and DeFi. He added that a $425 million private placement into SharpLink Gaming (SBET) aims to expose traditional investors to those yield opportunities.
Meanwhile, in a market note, QCP Capital pointed to the advancing GENIUS Act, renewed buzz around Circle’s IPO and increasing regulatory clarity for stablecoins as converging tailwinds that could drive outsized structural gains for Ether’s tokenization and settlement rails.
On-chain fundamentals also bolster the bullish case: staked ether recently reached a record 34.65 million tokens — locking up roughly 28.7 percent of supply — and may tighten bids around current support near $2,720.
Technical Analysis Highlights
- Ether staged two volume-backed breakouts: first above $2,600 on June 9 (436K ETH traded), then above $2,700 on June 10 (560.9K ETH).
- A clear series of higher lows and higher highs underpins a strong uptrend from $2,562 to $2,783.
- A high-volume supply zone now sits at $2,796, marking near-term resistance.
- A double-bottom formed between $2,720–$2,740 may support consolidation before the next leg higher.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.