Ethereum Price Surges 10% as 30% Supply Staked

Ethereum has recently shown strong upward movement, retesting the week’s previous high. With over 35 million ETH staked, nearly 30% of the total supply is locked away, which could lead to sharp price surges when demand rises. Historically, Ethereum has posted incredible gains during past bull runs, with a 300x surge in 2017 and a 50x rise in 2021. While another 300x increase is unlikely, if ETH were to increase six times its current value, it could potentially cross the $10,000 mark in the next major cycle.

Currently, Ethereum’s price is holding steady, with no signs of forming a top. As long as the price stays above the recent swing low of $2,415, there’s a good chance that the uptrend will continue. When the futures markets opened, Ethereum’s price quickly jumped, testing Thursday’s high. Although it hasn’t broken through this resistance level just yet, the momentum is clearly building. If Ethereum can manage to push above this zone, the next targets would be around $2,570 and $2,620. Crossing these levels would signal that bulls are back in control.

In the short term, everything depends on how Ethereum handles the current levels. If it stays strong and breaks above this week’s high, it could trigger a fresh wave of buying. However, if the price falls below $2,415, it might signal a pause or a short pullback before attempting another move higher. Analysts have been closely monitoring Ethereum, with some predicting that it could reach an all-time high of $10,000 in the next market cycle. This prediction is based on several factors, including historical price patterns, technical analysis, and on-chain data.

Historically, Ethereum has shown a pattern of significant price increases during bullish cycles. For instance, in 2017, the cryptocurrency experienced a 300x increase, and in 2020, it saw a 50x surge. While such extreme multiples are less likely now due to Ethereum's larger market capitalization, analysts like Ted Pillows believe that a climb toward $10,000 remains plausible. Pillows highlights the significance of Ethereum’s long-term rising trend, noting that historical touchpoints along the lower band of this channel have triggered massive rallies.

Technical analysis also supports the bullish thesis. Ethereum's price has been stuck in a multi-year ascending channel since 2017, and a breakout above key resistance levels could signal a bullish shift. Analysts like Crypto Patel suggest that a clean break above $2,800 would confirm a bullish trend, potentially targeting $4,000 and beyond. However, Ethereum has faced rejection near $2,600 in June, indicating that technical resistance must first be overcome.

On-chain data further supports the bullish outlook. Whale wallets and institutions have been steadily accumulating Ethereum, even as price action remains range-bound. This accumulation suggests long-term belief in the asset's potential for future appreciation. Additionally, significant deposits into Ethereum’s Beacon Chain and withdrawals from exchanges indicate that whales are preparing for future price gains rather than trading short-term moves.

Despite the bullish sentiment, there are signs of caution. Ethereum's network activity has surged, with daily transactions topping 1.5 million and active addresses exceeding 356,000—the highest levels since early 2023. However, key valuation indicators reflect caution. The NVT Ratio has spiked to 2044, implying that the price may be ahead of usage, and the MVRV Z-score has dipped into negative territory, suggesting that holders are underwater. This disconnect between price and fundamentals could be a hidden buying opportunity—or a sign of excessive hype.

In summary, while Ethereum's bullish trajectory remains intact, the upside depends on reclaiming key resistance levels and validating long-term investor conviction through sustained volume and accumulation. If Ethereum maintains its support around $2,400 and Bitcoin’s dominance stabilizes, the cryptocurrency may follow with a breakout. Analysts at XForceGlobal expect a Wyckoff-style move toward $9,400 if momentum builds. However, it is important to note that these predictions are based on current market conditions and may change as new data emerges.