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Ethereum bulls must break US$221,248,481,292.8: What will trigger a 'violent move'?

The reduction in net supply, persistent demand for ETFs, and strong technical factors may push the price of ETH above US$221,248,481,294,000.

Key points:

Spot ETH ETFs saw total net inflows of US$221,248,481,298,861.3 million in the last two weeks.

The total ETH in staking and accumulation is at all-time highs.

The price of ETH could rise towards the bullish flag target of US$221,248,481,294,100 if a key trendline is broken.

The price of Ether ETHR221,248,481,291,2,500 rose to a four-month high of US$221,248,481,292,880 on June 11, before correcting to the current value of US$221,248,481,292,550.

Several analysts have stated that a key resistance remains at US$221,248,481,292,800, and the price needs to turn this region into support to trigger a “violent move upwards.”

“The price action of Ethereum is compressing just below this major level of US$221,248,481,292.8K,” said popular crypto analyst Daan Crypto Trades in a post on X on June 16.