Ethereum Breaks Out of Month-Long Range, What’s Next for ETH?

On-chain data provider Glassnode has released a report on the second most popular cryptocurrency Ethereum and its bullish prospects after ETH’s recent breakout after moving within a range for a month.

Ethereum breaks out, soaring 13.5%

This week, Ethereum has demonstrated an impressive growth of more than 13.5%, soaring from $2,481 to the $2,818 level. Over the past 24 hours, however, ETH has rebounded by 2.16% and at press-time is changing hands at $2,765 per coin.

In a recent tweet, crypto analyst and trader Ali Martinez shared that he believes it is necessary to wait until Ethereum shows a sustained close above the $2,750 level before getting bullish on this cryptocurrency. Savvy trader Peter Brandt highlighted this Ethereum’s breakout, sharing a chart. But he referred to Ethereum as to a meme coin, hinting that both show equally short-lived price breakouts. Brandt usually supports Bitcoin but he sometimes also tweets about ETH.

1.3 million ETH level might form strong support

Glassnode summarized for the community that Ethereum has now broken out of a price consolidation range that had lasted for approximately a month. Cost Basis Distribution (CBD) analysis shows an astounding amount of 1.3 million Ethereum held by investors and traders at the $2,700 and $2,740 price marks, and roughly 800,000 ETH held at $2,760.

All those ETH coins were accumulated during the consolidation phase. Now, these levels can potentially form a strong support zone if Ethereum continues its ascend.

BlackRock ETF grabs 13,620 ETH

According to a recent tweet published by the analytics X account Lookonchain, on June 10, spot Ethereum exchange-traded funds (ETFs) sucked in a substantial amount of 22,145 ETH worth $61.38 million.

BlackRock iShares Ethereum Trust got the largest portion of these ETH inflows, scooping up 13,620 ETH valued at $37.75 million. As of June 10, it holds 1,526,751 Ethereum worth $4.23 billion.

Fidelity bought 4,994 ETH equal to $13,833,582, while Grayscale Ethereum Mini Trust acquired 3,761 ETH valued at $10,414,819. Invesco Galaxy acquired 3 ETH, and the rest of the ETFs saw zero inflows, except Grayscale Ethereum Trust. The latter faced an outflow of 233 ETH.

The weekly inflows into spot ETH ETFs constituted 96,059 ETH – the equivalent of $265,929,340.