Why Is Ethereum (ETH) Price Up 7% Today?
Ethereum (ETH) price surged over 7% on June 10, climbing above $2,680, as institutional inflows, growing futures activity, and bullish chart patterns align to support further upside.
The second-largest cryptocurrency by market cap saw a sharp price increase in the past 24 hours, trading at around $2,679, with daily trading volume soaring 114% to $26.5 billion — a strong signal of increased buyer momentum.
Let’s break down the key reasons behind today’s Ethereum rally.
1. Consistent Inflows into Ethereum Investment Products
Ethereum investment vehicles continue to attract institutional capital at an accelerating pace. Last week, Ethereum-based exchange-traded products (ETPs) recorded $295.4 million in net inflows, marking the seventh consecutive week of positive inflows and totaling $1.5 billion in that span, according to data from CoinShares.
Flows by asset. Source: CoinShares
In the U.S., spot Ethereum ETFs, led by BlackRock’s iShares Ethereum Trust (ETHA), contributed significantly to the trend. On June 9 alone, these ETFs registered $52.7 million in inflows, part of a 16-day streak totaling $890 million.
This steady capital injection reflects a renewed institutional interest in ETH, as investors look beyond Bitcoin and recognize Ethereum's potential as a foundational infrastructure layer for real-world assets.
2. Record-High Open Interest in ETH Futures
Ethereum futures markets are also showing signs of growing investor confidence. On June 10, open interest (OI) in Ether futures surged to an all-time high of $39.22 billion, reflecting a 12.7% increase in just 24 hours.
This spike in OI suggests that large investors are positioning for further upside, possibly eyeing a breakout above the critical $3,000 mark.
Leading exchanges like Binance, Bybit, Bitget, and Gate.io currently hold over 51% of the market share, while traditional financial players such as the Chicago Mercantile Exchange (CME) account for 7.4% of ETH futures exposure.
3. Rising Funding Rates Signal Bullish Bias
In parallel with growing open interest, funding rates in Ethereum perpetual futures are also climbing. As of June 10, ETH funding rates jumped to 0.0070%, up from 0.0026% just two days earlier.
This increase in funding rates means that more traders are going long, and they’re willing to pay a premium to maintain their bullish positions — a strong sign of market optimism.
4. Bullish Cup-and-Handle Pattern Points to $4,100
From a technical standpoint, Ethereum’s price action is forming a classic cup-and-handle pattern on the daily chart — a formation often associated with bullish breakouts.
The “cup” portion, formed since early February, represents a U-shaped recovery, while the “handle” reflects a short-term pullback within a descending channel. ETH has now broken above the handle zone and is testing the neckline resistance at $2,789.
If ETH closes decisively above this neckline, analysts believe it could rally toward the $3,000 resistance and potentially surge to $4,100, the technical target based on the pattern's projected breakout.
Crypto analyst Michael van de Poppe supports this view, stating that a breakout above $2,800–$3,000 could open the door to a move toward $3,400–$3,500 in the coming weeks.
Outlook: Is Ethereum Preparing for Its Next Bullish Leg?
With strong ETF inflows, record-breaking futures activity, and bullish technical indicators, Ethereum is clearly gaining momentum. The current rally appears to be fueled by growing institutional demand and shifting market sentiment, suggesting that ETH may be positioning for a breakout above $3,000 and potentially toward new local highs near $4,100.
As the crypto market enters a new phase of expansion, all eyes are on Ethereum as it leads the charge beyond Bitcoin’s digital gold narrative — cementing its role as a vital player in the evolving Web3 ecosystem.
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