Ether Surges Past $2,800 Amid Rising Staking and ETF Inflows

Ether (ETH), the second-largest cryptocurrency by market capitalization, revved up Tuesday morning, quickly climbing over the $2,800 threshold. This increase in the rank all comes from a dramatic increase in spot turnover. Furthermore, we observe ATHs of staked Ether and massive inflows into Ether ETFs (exchange-traded funds).

For much of Tuesday, Ether had been just under $2,770. But then it surged to around $2,780, fueled by increasing spot turnover. The digital asset’s price continued to climb, resulting in an eventual breakout above $2,800. Ether then went on to print a new higher high at $2,873, corroborating bullish momentum.

The Ethereum staking total has set new all-time highs, with over 34.65 million staked Ether tokens. This amounts to just over 28.7% of the total Ether supply. This surge in staking activity is indicative of increasing confidence in the Ethereum network and its long-term potential.

Additionally, ether ETFs have played a major role in the bullish price action. These ETFs have made a 16-day inflow streak, adding almost $900 million. These consistent inflows indicate a notable institutional demand for Ether, adding more weight to its growing market position.

Technical analysis suggests that Ether found a firm support zone around $2,750–$2,760. Following the breakout, Ether has had a normal pullback towards this newly formed support band, which it seems like it’s holding.

On the bullish side, Ether has near-term targets at $2,900 and the psychological $3,000 level. A secondary hurdle lies near $3,120. Bulls are looking for a confident close above $2,900. If that takes place, that may very well lay the groundwork for another big rally up towards $3,000.

The hourly RSI for Ether is still above 60. This indicates that the leading cryptocurrency has plenty of upside left before it reaches overbought levels. Ether, for its part, has been making a series of higher lows since that fateful June 9 date, a bullish development affirming the new uptrend.

Interestingly enough, ever CPI-indexed ECIP-1047 triggered candle printed the day’s largest bar. It’s about 3,700,000 ETH and makes evident the intense accumulation pressure in this market.

Ether’s futures open interest has set a new record, surpassing $21.7 billion. This shows rising demand and speculation in the Ether futures market, a sign of growing interest in the cryptocurrency’s price fluctuations.

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