Ethereum (ETH) has hit a significant on-chain milestone, with a record-breaking 35 million ETH now locked in staking. Coupled with a resurgence in whale accumulation and a marked uptick in trading volume, these developments point toward growing confidence in Ethereum’s long-term prospects. Analysts suggest the network is poised for a bullish breakout if key resistance levels are reclaimed.

Staking Hits All-Time High Amid Market Optimism

Ethereum’s staking ecosystem continues to grow rapidly, reinforcing confidence in its proof-of-stake model. As of mid-June, over 35 million ETH are now staked—representing nearly 30% of the total circulating supply. Notably, more than 500,000 ETH were staked within the past two weeks alone, indicating accelerating conviction among long-term holders despite recent price volatility.

Staking not only reduces circulating supply, thereby decreasing selling pressure, but also demonstrates the broader community’s belief in Ethereum’s stability and utility. As more participants commit ETH to the network in exchange for yield, they effectively signal reduced intent to liquidate their holdings in the short term.

This dynamic has made Ethereum’s tokenomics increasingly deflationary. The combination of staking, token burns from EIP-1559, and limited new issuance is fostering a more constrained supply environment—potentially setting the stage for upward price momentum.

Whale Activity Surges to Highest Level in Years

In tandem with the staking boom, Ethereum whales have re-entered accumulation mode with unprecedented force. According to data from CryptoQuant and Glassnode, addresses holding over 10,000 ETH have added more than 800,000 tokens in just the past week. On June 12 alone, net whale inflows exceeded 871,000 ETH—the largest single-day accumulation since 2017.

This sharp uptick in whale holdings brings the total ETH held by these wallets to 22.8 million. Analysts interpret this behavior as a strong bullish signal, as such inflows often precede sustained upward trends. In past market cycles, similar levels of accumulation were followed by multi-week rallies.

The timing is also notable, coming as macro uncertainty still lingers. Institutional players and long-term holders appear increasingly confident in Ethereum’s role not just as a smart contract platform, but as the backbone of decentralized finance, layer-2 ecosystems, and Web3 infrastructure.

Price Struggles With Resistance, but Momentum Builds

Despite the bullish fundamentals, Ethereum’s price has seen mixed performance in recent sessions. After briefly touching $2,680, ETH corrected back toward $2,521, reflecting broader market volatility. Still, 24-hour trading volume jumped 22.34% to $13.2 billion, showing strong investor interest.

Technical analysts point to the $2,900 level as a key resistance. A successful breakout above this range could open the door to a rally toward $3,600, especially if paired with continued whale inflows and staking growth. Historical chart patterns suggest that such technical breakouts, when reinforced by on-chain support, often yield sharp gains.

Ethereum’s bullish setup is further bolstered by increasing network activity. The number of active wallets and smart contract deployments is rising, signaling a healthy ecosystem with robust developer engagement. Moreover, upcoming improvements tied to scalability and rollups may enhance Ethereum’s long-term value proposition, attracting even more capital.

Conditions Ripe for Bullish Continuation

The convergence of staking strength, whale accumulation, and technical positioning suggests Ethereum may be preparing for a major move. While short-term volatility remains a factor, the underlying trends point toward a sustained bullish phase—provided ETH can hold above current support and reclaim key resistance zones.

If momentum continues, Ethereum could revisit and surpass the $3,000 psychological threshold, with long-term projections extending toward $3,600 and beyond. As the broader crypto market stabilizes, Ethereum appears well-positioned to lead the next leg of growth.

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