Ethereum indeed spiked to a session high around $2,871, matching the ~$2,875** level you noted. That surge briefly pushed ETH to its upper intraday extreme .
Currently trading near $2,758–2,760, roughly $2,755, ETH has retraced about 4–5% from that intra-day peak. Here’s how it unfolded:
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📈 What fueled the jump?
Momentum breakout: ETH broke above its recent $2,800 technical resistance on June 10–11, touching a 15‑week high near $2,827 .
Liquidations & open interest: An estimated $1.8 billion worth of short positions were vulnerable around $2,900—likely triggering short squeezes and cascading buying pressure .
ETF and staking tailwinds: Spot ETH ETF inflows, increasing on‑chain activity, and growing staking rates added bullish undercurrents .
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🔁 What’s next?
Support around $2,700–2,750: After pulling back from the intraday high, this zone could act as a pivot. If it holds, another leg higher may develop.
Watch the $2,800 breakout: A confirmed daily close above $2,800 with volume may signal continuation toward $3,000+, while a rejection could send ETH back toward ~$2,400–$2,600 .
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⚖️ Summary
High reached: ~$2,875 intraday
Current trading: $2,755 per your note)
Retracement: ~4–5% from high
Key zones: Support at ~$2,700–$2,750; resistance around $2,800–$2,900
Let me know if you'd like deeper technical analysis, chart patterns, or thoughts on catalysts like ETF flows or network developments!
