Ether surged past the $2,700 mark this week, electrifying the crypto community and setting the stage for what traders are calling “beast mode.” The digital asset began its ascent on June 9 during Asian trading hours, starting the session around $2,576. A flurry of activity saw it briefly dip before a surge in buying interest propelled it to a 24-hour high of $2,783 by June 10.
Bullish Sentiment Sweeps the Market
The mood among traders has turned decidedly bullish, with social media buzzing about the potential for further gains. A well-known trader on X, the platform formerly known as Twitter, declared this latest movement as ether entering a true “beast mode” after smashing through previous resistance levels at $1,500 and $2,200. The trader projected that ether could continue its upward trajectory, potentially eyeing the $4,000 mark in the near future. This follows a pattern of increased interest in ether, as detailed in Crypto funds post $286M inflows as Ether tops buying.
This enthusiasm isn’t just hot air. Joseph Lubin, the founder of ConsenSys, recently highlighted Ethereum’s role as a powerhouse in the crypto space, handling over $25 trillion in transactions last year. In a detailed thread on X, Lubin emphasized Ethereum’s significance as a settlement layer, facilitating stablecoins, tokenized assets, and decentralized finance (DeFi) applications. This backdrop provides a fertile ground for ether to flourish as it becomes increasingly integral to the financial ecosystem.
Converging Catalysts and Market Dynamics
Market dynamics also appear to be aligning in ether’s favor. QCP Capital, a noted market player, pointed to several tailwinds that could propel ether further: the advancing GENIUS Act, renewed interest in Circle’s planned IPO, and a clearer regulatory landscape for stablecoins. These factors could enhance ether’s role in the tokenization and settlement arena, potentially driving structural gains. As explored in our recent coverage, Ether, Dogecoin Surge, Outpaces Bitcoin as DeFi Comments Spurs Bullish Mood, these developments are fueling a broader bullish sentiment across the crypto market.
On the on-chain front, fundamentals are strong. Staked ether hit a record 34.65 million tokens, effectively locking up roughly 28.7% of its total supply. This significant staking activity could tighten bids and provide support around current levels, particularly near $2,720. Technical analysis corroborates this, with a robust uptrend evident from the series of higher lows and highs recorded between $2,562 and $2,783. Analysts are watching a high-volume supply zone at $2,796, which might present near-term resistance, while a double-bottom pattern between $2,720 and $2,740 suggests possible consolidation before the next upward push.
Looking Ahead
Despite the current optimism, questions linger about whether this bullish momentum can sustain itself. While the technical and fundamental indicators are robust, the crypto markets are notoriously volatile, and ether’s recent rally will undoubtedly face tests in the coming months. As the world watches, Ethereum’s ability to maintain its role as a backbone for DeFi and other applications will be crucial for its continued success. The market is rife with potential, and as ether continues to roar, many will be keeping a watchful eye on its next moves.
The road to $4,000—and beyond—might not be smooth, but it’s certainly one that has captured the imagination of traders and investors alike.
Source
This article is based on: Ether Roars Past $2,700; Popular Trader Declares ‘Beast Mode’
Further Reading
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- Ethereum Foundation Sets Treasury Strategy to Back DeFi, Cut Spending Over Time
- Is Ethereum Price Gearing Up For A Monster Rally? ETH Up 80% The Last Time This Happened
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
