Ethereum Surges Past $2,700 Amid Bullish Sentiment and Strong On-Chain Metrics

Ethereum (ETH) rallied sharply in the past 24 hours, climbing over 6.5% to trade at $2,744.87. The session began with ETH hovering near $2,576 before briefly dipping to $2,562 on low volume. A spike in trading around 21:00 UTC on June 9 saw turnover exceed 436,000 ETH. A second wave of buying on June 10 around 11:00 UTC pushed the price through the $2,700 resistance to a session high of $2,783, with total volume reaching 560,900 ETH, valued at approximately $1.51 billion.

Bullish momentum is supported by strong technicals and market sentiment. Social media traders declared Ethereum in “beast mode,” citing its resilience above key levels like $1,500 and $2,200, and projecting further gains toward $4,000. Technically, ETH has formed a solid uptrend with higher highs and higher lows. A double-bottom pattern between $2,720–$2,740 may act as near-term support, while the next key resistance sits at $2,796, a high-volume supply zone.

Fundamentals also support the bullish case. On-chain data reveals that staked ETH has reached a record 34.65 million coins, locking up nearly 28.7% of total supply — a factor that could reduce selling pressure and support prices. Additionally, Consensys founder Joseph Lubin highlighted Ethereum’s pivotal role as a settlement layer, processing $25 trillion in transactions last year and underpinning stablecoins, DeFi, and tokenized assets.

QCP Capital noted macro tailwinds such as progress on the GENIUS Act, renewed attention around Circle’s IPO, and growing stablecoin regulatory clarity. These factors could further enhance Ethereum’s appeal as infrastructure for tokenization and decentralized finance, setting the stage for long-term structural gains.