The amount of staked ether has increased by more than 650,000 since the beginning of the year, reaching a record high of 34.653 million by June 8. This figure accounts for nearly 30% of the total circulating supply of ether.
ETH's Bullish Outlook: Breakthrough of $2,793 Could Lead to $3,500-$4,000
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Mixed Fortunes for Ether, Bitcoin ETFs
Since the start of the year, the number of staked ether ( ETH) has risen by more than 650,000, or nearly 2%, reaching 34.653 million by June 8, a new record high. According to Coingecko data, staked ETH now accounts for nearly 30% of ether coins in circulation. At the same time, ethereum exchange-traded funds (ETFs) recently enjoyed a 15-day winning streak, attracting $837 million.
In contrast, bitcoin ETFs, which saw significant inflows in mid-May, have had a more mixed run from late May to early June, with some periods of outflows or very modest inflows. Some experts see these milestones as indicating a potential shift in dominance from bitcoin to ETH and other altcoins.
ETH’s positive milestones come weeks after the Ethereum protocol implemented the Pectra upgrade on May 7. The successful upgrade, which saw the protocol implement 11 Ethereum Improvement Proposals (EIPs), has been described as the “most feature-rich” upgrade to date. Following the upgrade, ETH spiked, breaking from the $1,800 level to $2,500 within 48 hours. At the time of writing, ETH traded above $2,700, bringing its gains since the upgrade to approximately 50%.
However, despite largely staying above $2,500 since then, some analysts warn ETH could still drop if it consistently trades below $2,320. The B2BINPAY analytics team concurs but cautions the opposite could still happen if ETH breaks through the $2,793 resistance.
“Between May 8 and May 10, ethereum surged by 44%; since then — that is, since May 10 — it has been in accumulation mode, staying within the $2,300-$2,700 range,” the team stated. “If ETH breaks below $2,320 and starts trading consistently under that level, we’re likely heading into the $2,000-$1,800 zone. On the other hand, if ethereum follows a bullish path and breaks through the $2,793 resistance, a move toward the $3,500-$4,000 range becomes a very realistic scenario — and in our view, the more probable one.”
The B2BINPAY analytics team notes ETH’s 66% rise from December to April allowed it to scoop up a huge amount of liquidity from the $1,500-$2,300 range, which makes an upside breakout seem more likely. However, they add a caution about summer, which typically brings low market activity.
Meanwhile, the team also pointed to Blackrock’s sale of $130.4 million worth of BTC versus more than $100 million in ETH purchases as a strong signal that institutional investors may be preparing to rotate capital into ethereum.
“This could mark the beginning of a shift in dominance from bitcoin to ETH, and potentially further into other altcoins,” the B2BINPAY analytics team argued.
