Ethereum's (ETH) current price is $2,825.11, with a 2.75% increase over the last 24 hours. According to analysts, if ETH breaks through the $2,793 resistance level, it could potentially surge to $3,500 or even $4,000. This bullish outlook is supported by the increasing amount of staked ether, which has reached a record high of 34.653 million by June 8, accounting for nearly 30% of the total circulating supply.
Key Factors Influencing ETH's Price:
Resistance Level: Breaking past $2,793 could open the door to higher targets.
Support Level: Holding above $2,320 is crucial to avoid a potential drop.
Staked Ether: Record high of 34.653 million staked ether, accounting for 30% of circulating supply.
Institutional Interest: Institutions shifting focus from Bitcoin to Ethereum, potentially driving up demand.
Potential Risks:
If ETH consistently trades below $2,320, it could lead to a price drop.
Analysts warn that a drop below $2,000 seems unlikely if the price holds above $2,320 support level.
