Ethereum (ETH) surged 7.17% over the past 24 hours, briefly breaking above the $2,700 mark for the first time in nearly two weeks. The asset touched an intraday high of $2,724 before retreating slightly to $2,666.16 at press time, according to CoinMarketCap. This price movement was accompanied by a dramatic 84.23% spike in trading volume, signaling renewed bullish interest from both retail and institutional traders.
The rally comes at a time when broader crypto market sentiment remains cautious, highlighting Ethereum’s resilience and growing market relevance. Analysts point to increased on-chain activity and growing adoption of Ethereum-based applications as key catalysts behind the recent momentum.
Staking Milestone: Over 34.8M ETH Locked on Beacon Chain
According to Beaconcha.in and Dune Analytics, Ethereum staking has reached a new milestone with 34.8 million ETH now locked on the Beacon Chain—surpassing the previous all-time high set in November 2024. This figure represents nearly 28.7% of Ethereum’s circulating supply of 120.8 million ETH.
Staking activity has remained stable above the 33 million mark for over a year, but began to accelerate again in early June. Analysts attribute this trend to growing investor preference for passive yield generation over speculative trading, especially in light of Ethereum’s shift back to inflationary issuance earlier this year. Despite this change, long-term confidence in the network appears undeterred.
Wall Street Interest and Technical Indicators Signal Further Upside
A recent report by Wall Street broker Bernstein underscored Ethereum’s growing relevance beyond the crypto-native world. Describing Ethereum as a “decentralized computer,” analysts emphasized its central role in powering stablecoins and tokenized assets. The report also noted that rising fee revenues from enterprise use cases are beginning to draw financial interest from traditional markets.
On the technical side, the Relative Strength Index (RSI) remains bullish at around 60, leaving room for further gains before becoming overbought. ETH is currently testing the 0.382 Fibonacci retracement level at $2,702. A break above the 0.5 Fib level at $2,818 could pave the way for a rally toward the $3,000–$3,300 range in the coming weeks.
Also Read: Ethereum ETF Surge Fuels Altcoin Season Hopes
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
