Ethereum price gained 5% on June 11 as it overtook Bitcoin in contract trading volume, signaling intensified leveraged activity.
By Parth Dubey
Editor Julia Sakovich
Updated
2 mins read
Ethereum ETH $2 768 24h volatility: 2.3% Market cap: $334.32 B Vol. 24h: $27.13 B has broken out of a month-long consolidation phase, sustainably closing above the key $2,700 resistance level. At the time of writing, ETH is trading around $2,794, marking a 5% gain in the past 24 hours.
The cryptocurrency’s 24-hour trading volume has jumped by over 40% to $33.67 billion, reflecting renewed interest in the market.
This surge comes as Ethereum overtakes Bitcoin in terms of contract trading volume. Data suggests that ETH contract volume soared past $111 billion in the last 24 hours, eclipsing BTC’s $87.5 billion.
ETH’s liquidation volume has also hit $131 million, more than twice the amount seen in Bitcoin, suggesting increased leveraged trading activity around Ethereum.
Additionally, the Ethereum network recorded a new all-time high of 17.4 million unique addresses earlier this month. Growthepie noted an over 70% rise in ETH addresses interacting across chains since the beginning of Q2.
Institutional and whale accumulation has played a major role in Ethereum’s price surge. On-chain data reveals that wallet address 0xc097 withdrew 13,037 ETH worth around $35.5 million from Binance within the last 24 hours.
Whales are accumulating $ETH.
Whale 0xc097 withdrew 13,037 $ETH($35.5M) from #Binance in the past 24 hours.
Abraxas Capital withdrew 44,612 $ETH($123M) from #Binance and #Kraken in the past 14 hours.https://t.co/vZTxLPd2zqhttps://t.co/Ba4gK9aZIc pic.twitter.com/Lx0NSHzXt2
— Lookonchain (@lookonchain) June 11, 2025
Moreover, crypto hedge fund Abraxas Capital recently pulled 44,612 ETH (roughly $123 million) from both Binance and Kraken.
On the daily ETH chart, the price has decisively broken above its upper Bollinger Band near $2,782, a bullish signal suggesting strong upward momentum. The Bollinger Bands are also widening, indicating potential for further gains.
ETH price chart with RSI and Bollinger Bands | Source: TradingView
The RSI currently sits around 65.25, close to overbought territory but it is not signaling exhaustion yet. If the bullish trend continues, immediate resistance lies at $2,835, followed by the psychological barrier of $3,000.
Meanwhile, MACD shows a bullish crossover above the signal line, with the histogram flipping positive. This indicates a favorable trend for bulls.
ETH price chart with MACD | Source: TradingView
However, traders should keep an eye on any signs of weakening momentum or resistance near overbought levels. In case of a price drop, immediate support is seen at $2,585 near the 20-day SMA.
Popular crypto trader Merlijn recently stated on X that ETH is back in “beast mode.”
Ethereum is back in beast mode.$ETH smashed through $1.5K and $2.2K like paper.
Now it’s staring down $4K.Next stop? Price discovery.
$10K isn’t a dream it’s a setup. pic.twitter.com/ldU1wLFeVx
— Merlijn The Trader (@MerlijnTrader) June 10, 2025
He predicted that the second-largest cryptocurrency could surge to $4,000 and even $10,000 in the long run.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
