TLDR
- Ethereum price surged 8% in 24 hours to reach $2,700, its highest level in nearly two weeks
- Over 34.65 million ETH (30% of total supply) is now staked on the Beacon Chain, marking a new record
- BlackRock’s Ethereum ETF has seen 23 consecutive days without outflows and added $500 million in ETH holdings
- Technical analysis shows bullish divergence patterns similar to major rallies in 2020 and 2023
- Key resistance level sits at $2,740-$2,800 range, with potential targets of $3,100-$3,600 if broken
Ethereum broke above $2,700 for the first time in almost two weeks after an 8% price jump in the last 24 hours. The move higher came after ETH found support near the $2,400 level.
The cryptocurrency reached a high of $2,731 before consolidating gains. ETH is now trading above the $2,600 level and the 100-hourly Simple Moving Average.
Staking activity has reached new heights on the Ethereum network. According to Beaconcha.in data, over 34.65 million ETH is now staked on the Beacon Chain. This represents about 30% of the total Ethereum supply.
The record staking levels show long-term holders are choosing to earn rewards from their holdings rather than sell. This trend suggests growing confidence in Ethereum’s future prospects.
Institutional investment continues to flow into Ethereum products. BlackRock’s iShares Ethereum Trust (ETHA) has not seen any outflows for 23 straight trading days.
The asset manager has added $500 million worth of ETH to its holdings. BlackRock now holds 1.5 million ETH valued at $2.71 billion.
Ethereum ETFs See Continued Inflows
Ethereum-based exchange-traded funds attracted $296 million in investments last week. The steady inflows show institutional appetite for ETH exposure remains strong.
Technical indicators are pointing to further upside potential. Ethereum has broken above the midline of the Gaussian Channel on price charts.
A bullish divergence pattern is forming that mirrors setups seen before major rallies in 2020 and 2023. If the current trend continues, analysts expect prices to reach $3,100 to $3,600.
The immediate resistance zone sits between $2,740 and $2,750. A clear break above $2,750 could send ETH toward $2,840 resistance.
Further gains above $2,840 might target the $2,880 to $2,920 range in the near term. The key bullish trend line provides support at $2,540 on hourly charts.
Key Levels to Watch
If Ethereum fails to clear the $2,740 resistance, it could face a pullback. Initial support on the downside sits near $2,640.
The first major support zone is located around $2,580. This level aligns with the 61.8% Fibonacci retracement of the recent move higher.
A break below $2,580 support might push prices back toward $2,540. Further declines could target the $2,450 to $2,400 support range.
The RSI indicator is now above the 50 level on hourly charts. The MACD is gaining momentum in bullish territory.
Ethereum price is consolidating above the 23.6% Fibonacci retracement level of the recent upward move. The consolidation comes after ETH spiked from a $2,482 swing low to the $2,731 high.
