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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
🆘 #Gate 2025 Semi-Year Community Gala# | Square Content Creator TOP 10
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1️⃣ #Show My Alpha Points# | Share your Alpha points & gains
Post your - 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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🎁 4 winners split $100 Futures Voucher! - 💙 Gate Square #Gate Blue Challenge# 💙
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Ethereum Breakout: 2.7K Zone Holds 2.1 Million ETH—Will It Continue to Rise?
Ethereum ($ETH ) escaped the one-month consolidation range between $2,300 and $2,800. According to on-chain data from Glassnode, around 2.1 million ETH has accumulated in the range of $2,700 to $2,760 in the recent sideways price action. Specifically, 1.3 million ETH is held at $2,700–$2,740 and another 800,000 ETH is at $2,760.
These cost base clusters now serve as potential support zones if the price holds above them. With Ethereum trading at $2,766.36 at press time, this breakout is also supported by a 2.74% price increase in 24 hours and a 4.73% increase over the past week. Technical setup shows the main resistance level at $2,800. Ethereum is currently pushing up to the $2,800 resistance level, which traders are watching closely. Analyst Ted (@TedPillows) noted that Ethereum is "breaking the daily range" and is getting closer to the next critical level. A break above $2,800 could set the stage for a move towards $3,000 and possibly higher. Technical analysis also shows that the previous consolidation zone between $2,400 and $2,550 may now serve as a support base. The price line shared by Ted outlines a potential move towards $4,020 if $2,800 is flipped into a new support level.
Large traders lock in profits during the price surge. While retail traders may view $2,700 as a support level, some big players have used this price surge to take profits. The on-chain tracking tool Lookonchain reported that a whale sold 30,000 ETH via OTC on June 10 for $82.76 million. This sale occurred after a previous purchase of the same amount for $75.56 million on May 27, resulting in a profit of $7.3 million. This whale has made similar transactions in the past. Previously, it bought ETH at a price of $1,830 in April and sold it in May for $2,621, netting $23.73 million. In total, this address has earned $31 million in profit over the past 44 days. A separate trader known as 0xcB92 has also opened a short position of 21.963 ETH, worth 60.8 million dollars, with an unrealized profit of 187,000 dollars. The liquidation level for this trader is around 2,948 dollars. Lookonchain notes that this address previously made over 5.18 million dollars when shorting ETH. Network activity and leverage reach record levels The Ethereum network continues to grow, with the number of active addresses reaching an all-time high of 17.4 million in June. Data from Growthepie shows that address activity has increased by over 70% since the beginning of Q2. On June 10 alone, the network recorded 16.4 million active addresses. Meanwhile, Ethereum futures open interest rates have surpassed $41 billion for the first time, according to Coinglass data. This drastic increase in leveraged positions can lead to higher volatility in the short term.