Ether (ETH) blasted off. Ether soared in price, rising by 6.5% as buy pressure flooded in. Investors drove it toward the $4,000 level. Despite the market volatility, the cryptocurrency showed strong bullish momentum, breaking all major resistance levels with huge volumes.

Ether started its latest climb from a low of about $2,576, hitting $2,562 in early Asian hours. A surge of buying interest emerged around 21:00 UTC on June 9, with turnover exceeding 436,000 coins. This first breakout propelled it through $2,600.

The cryptocurrency continued its ascent, breaking above $2,700 on June 10, fueled by a second wave of demand near 11:00 UTC. This bullish momentum propelled Ether to a 24-hour high of $2,783. Ether was at $2,744.87, +6.54% on 560,900 coins (US$1.51 billion) traded.

On the downside, the technical analysis indicates a well-defined uptrend. It’s defined by a pattern of consecutive higher lows and higher highs, climbing from $2,562 up to $2,783. Many market observers believe that Ether kicked into “beast mode” after breaking through $1,500 and $2,200 resistance levels. This counter has stoked predictions of even more upside, with some short see $4,000 and beyond.

Near-term support for Ether is at about $2,720, as a possible double-bottom could be forming with support between $2,720 and $2,740. A high-volume supply zone now rests at $2,796, establishing near-term resistance for Ether.

Bulls are quickly gaining confidence in Ether. This wave of enthusiasm is reflected in the value of staked Ether, which just recently hit an all-time high of 34.65 million tokens. This accounts for around 28.7 percent of the total supply being locked away.

Ethereum’s underlying dominance — largely recognized as the main crypto infrastructure powering the coming digital economy — adds another bullish catalyst. In fact, last year the Ethereum network processed more than $25 trillion worth of transactions. It has become the underlying infrastructure for stablecoins, tokenized assets, native yield and DeFi. Like Joseph Lubin, founder of one of the largest and most influential Ethereum companies—Consensys—who has painted Ethereum as a perpetual settlement layer.