Key Notes: Ethereum (ETH) Has Broken Out of a Month-Long Consolidation Phase, Sustainably Closing Above the Key $2700 Resistance Level

Ethereum ETH $2 780 24h volatility: 3.9% Market cap: $335.73 B Vol. 24h: $31.63 B

Key Notes

Ethereum (ETH) has broken out of a month-long consolidation phase, sustainably closing above the key $2,700 resistance level. At the time of writing, ETH is trading around $2,794, marking a 5% gain in the last 24 hours.

Cryptocurrency’s 24-hour trading volume has also surged by over 40%.

This surge comes as Ethereum overtakes Bitcoin in terms of contract trading volume. Data suggests that ETH contract volume soared past $111 billion in the last 24 hours, eclipsing BTC’s $87.5 billion.

ETH’s liquidation volume has also hit $131 million, more than twice the amount seen in Bitcoin, suggesting increased leveraged trading activity around Ethereum.

Additionally, the Ethereum network recorded a new all-time high of 17.4 million unique addresses earlier this month. Growthepie noted an over 70% rise in ETH addresses interacting across chains since the beginning of Q2.

Institutional and whale accumulation has played a major role in Ethereum’s price surge. On-chain data reveals that wallet address 0xc097 withdrew 13,037 ETH worth around $35.5 million from Binance.

Whales are accumulating $ETH.

Whale 0xc097 withdrew 13,037 $ETH($35.5M) from #Binance in the past 24 hours.

Abraxas Capital withdrew 44,612 $ETH($123M) from #Binance and #Kraken in the past 14 hours.https://t.co/vZTxLPd2zqhttps://t.co/Ba4gK9aZIc pic.twitter.com/Lx0NSHzXt2

— Lookonchain (@lookonchain) June 11, 2025

Moreover, crypto hedge fund Abraxas Capital recently pulled 44,612 ETH (roughly $123 million) from both Binance and Kraken.

ETH Price Outlook

On the daily ETH chart, the price has decisively broken above its upper Bollinger Band near $2,782, a bullish signal suggesting strong upward momentum. The Bollinger Bands are also widening, indicating potential for further gains.

ETH price chart with RSI and Bollinger Bands | Source: TradingView

The RSI currently sits around 65.25, close to overbought territory but it is not signaling exhaustion yet. If the bullish trend continues, immediate resistance lies at $2,835, followed by the psychological barrier of $3,000.

Meanwhile, MACD shows a bullish crossover above the signal line, with the histogram flipping positive. This indicates a favorable trend for bulls.

ETH price chart with MACD | Source: TradingView

However, traders should keep an on any signs of weakening momentum or resistance in overbought ranges. In case of a price drop, immediate support is seen at $2,585, the 20-day SMA.

Popular crypto trader Merlijn recently stated on X that ETH is back in “beast mode.”

Ethereum is back in beast mode.$ETH smashed through $1.5K and $2.2K like paper.Now it’s staring down $4K.

Next stop? Price discovery.

$10K isn’t a dream it’s a setup. pic.twitter.com/ldU1wLFeVx

— Merlijn The Trader (@MerlijnTrader) June 10, 2025

He predicted that the second-largest cryptocurrency could surge to $4,000 and even $10,000 in the long run.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn