Ethereum’s Wild Ride: Will It Soar to $3,400 or Just Take a Nap?

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After what felt like an eternity of Ethereum‘s snooze-fest, analysts are suddenly buzzing like bees in a flower shop. Can you believe it? The digital currency has decided to wake up and stretch its legs, gaining a whopping 60% since May. I mean, who knew it had it in it?

Ethereum has finally broken free from its month-long hibernation, and according to the crystal ball at Glassnode, we now have some fancy technical levels to obsess over. Apparently, there’s a strong support zone between $2,700 and $2,760, where over 2 million ETH are lounging around like they just won the lottery during the recent consolidation period. Talk about a cozy little floor!

#Ethereum just broke out of a month-long range. Cost Basis Distribution shows 1.3M $ETH held around $2.70K and $2.74K, and 800K #ETH at $2.76K. These investors accumulated during consolidation and now will potentially form a strong support zone.

— glassnode (@glassnode) June 11, 2025

Ethereum Clear for Move to $3,400

Now, if we can just keep our fingers crossed and hope this support zone holds, ETH might just have a clear path to $3,420. But let’s be real, the speed of this rally will depend on how those folks holding ETH in the $2,800 to $3,300 range react. Will they panic? Will they celebrate? Will they just order takeout? Who knows!

Meanwhile, Santiment is reporting that social sentiment for Ethereum is on the rise. Apparently, everyone and their grandma is getting excited about it. I guess that means more retail interest, or maybe just more memes about it on Twitter.

“Twitter discussions emphasize Ethereum’s market activity, price surges, derivatives trading, institutional adoption, and bullish sentiment, reflecting strong trading volumes and strategic analysis involving ETH.”

Crypto analyst ‘Rekt Capital’ has been keeping an eye on ETH like a hawk. They noted that ETH has been retesting $2,500 as support for a potential rally to $4,000. It’s like watching a soap opera, but with more numbers and less drama. And let’s not forget, Ethereum dominance has hit 10% in an uptrend for the first time since March 2020. Bravo, Ethereum!

Meanwhile, institutions are still loading up on Ether like it’s the last slice of pizza at a party. We’ve seen 18 straight days of inflows into spot Ether ETFs, with a whopping $240 million entering the products just this Wednesday. “And there’s still no staking or in-kind creations and redemptions,” exclaimed ETF Store President Nate Geraci, probably while doing a little happy dance.

18 straight days of inflows into spot eth ETFs…

Nearly $250mil just today.

And there’s still no staking or in-kind creations & redemptions.

So early.

— Nate Geraci (@NateGeraci) June 12, 2025

Elsewhere on Crypto Markets

In other news, Ethereum hit an intraday and four-and-a-half-month high of $2,870 before deciding to take a little dip back to $2,760 during trading in Asia. Classic Ethereum, right?

Bitcoin, on the other hand, was retreating from its weekly high of $110,000, falling back below $108,000. It’s like watching a game of musical chairs, but with more volatility and fewer chairs.

And let’s not forget the altcoins, which are in the red, suffering larger losses than a kid who just lost their favorite toy. Solana, Dogecoin, Tron, Cardano, Sui, Chainlink, and Avalanche are all feeling the burn, wiping out recent gains like they never even existed.

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2025-06-12 10:37