Ethereum demonstrates positive movement, recovering above key level at $2,500. The article examines the technical and onchain metrics that could influence the price direction.
Daily Chart
ETH recently found solid support at the key 100-day moving average near $2,000, triggering a surge in buying interest and a shift in momentum. The asset has successfully broken above the pivotal 200-day MA around $2,500, a level that has repeatedly acted as resistance in recent weeks. This breakout marks a notable bullish development.
However, to sustain this move, ETH needs to hold above the 200-day average. If bulls defend this area, the path toward the major resistance at $2,800 becomes more viable.
4-Hour Chart
On the shorter timeframe, ETH’s price posted a sharp rally after buyers stepped in around the 0.5–0.618 Fibonacci retracement zone, reclaiming the previously broken lower boundary of the bullish flag pattern. This recovery has invalidated the prior bearish breakdown, indicating that the move was likely a bear trap.
Currently, the cryptocurrency is gaining traction, but it’s approaching a key bearish order block between $2,625 and $2,670, a zone where sellers may re-emerge. If the buyers can overcome this supply area, a move toward the $2,800 resistance becomes increasingly probable. Conversely, failure to break through could trigger another phase of consolidation or a mild retracement.
Onchain Analysis
Ethereum has just marked a significant milestone in Liquid Staking, reaching its highest monthly growth since June. Over the past month alone, staking activity surged by approximately 1 million ETH, an impressive 2.83% increase, setting a new monthly record for Ethereum staking participation.
As of July 1, Ethereum achieved a fresh all-time high in Liquid Staking, with 35.56 million ETH now staked. This trend is largely driven by accumulation from institutional entities, including ETFs, large holders, and crypto funds. These participants are increasingly opting to earn yield through Liquid Staking protocols while they wait for long-term price appreciation.
This trend reduces the circulating supply and reflects a strong conviction in Ethereum’s future valuation. While a major breakout in ETH’s price has yet to occur, the consistent rise in Liquid Staking and institutional accumulation indicates that Ethereum may be on the brink of a significant upward move.
Ethereum shows notable signs of growth, having reclaimed key levels and attracting institutional interest. Trends observed in Liquid Staking and maintaining above the 200-day moving average may lead to further price increases.
