Ethereum holds strong above $2,700 with whale accumulation signaling rising investor confidence.
ETF inflows hit 14-day streak as ETH futures open interest reaches record $41 billion.
RSI at 65 and bullish flag above major EMAs point to continued upward momentum for ETH.
Ethereum has remained steady above the $2,500 level for the past five weeks. This zone previously acted as a launchpad in both August 2021 and early 2024, pushing ETH near the $4,000 mark. As of now, Ethereum is trading at $2,748.65, maintaining its bullish trend following a confirmed breakout from a month-long consolidation.
ETH Breaks Out Above Consolidation Zone With Strong Momentum
Ethereum recently broke out above its 30-day range between $2,400 and $2,700. This was confirmed by a strong daily candle, which closed above the upper boundary of the range and turned former resistance into new support at $2,700.
https://twitter.com/rektcapital/status/1932872879710089244
The RSI is currently at 65, showing upward momentum, though there are signs of cautious buying. The price is holding above the 50-day, 100-day, and 200-day EMAs, forming a bullish flag structure. According to Alex Clay, “ETH is just preparing another breakout,” pointing to a potential recovery continuation if the ascending support trendline is reclaimed.
Whale activity has also increased. According to an observation by Lookonchain, a whale who earlier profited $30.45 million has bought back 16,500 ETH. Additionally, Abraxas Capital accumulated over 44,000 ETH from exchanges within 14 hours, indicating growing confidence at current price levels.
ETF Inflows and Open Interest Support Upward Price Movement
According to Farside Investors, Ethereum ETFs have now recorded 14 consecutive days of inflows, totaling over $125 million as of June 10. BlackRock’s ETHA and Fidelity’s FETH account for the majority of these inflows.
These purchases reflect increasing institutional participation and reduced liquid supply in the market. Open interest in Ethereum futures has reached an all-time high of $41 billion, as reported by Coinglass.
This rise suggests leveraged traders are anticipating increased volatility. ETH is currently trading above the 200-week moving average, while 1.3 million ETH is held in the $2,700–$2,740 range, reinforcing this support zone.
The post Ethereum Holds Above $2,700 as Whale Accumulates 44K ETH, Pay Attention to This Price Level appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
