Key Points:

• Ethereum holds 2.1M ETH near $2.7K–$2.76K, forming strong support after month-long consolidation.
• Whale sells 30,000 ETH for $82.76M, locking $31M profit in just 44 days.
• Ethereum network hits record 17.4M active addresses; futures open interest tops $41 billion.

Ethereum (ETH) has broken out of a month-long consolidation range between $2,300 and $2,800. According to on-chain data from Glassnode, around 2.1 million ETH were accumulated in the $2,700 to $2,760 range during the recent sideways price action. Specifically, 1.3 million ETH is held around $2,700–$2,740, and another 800,000 ETH around $2,760.

These cost basis clusters now act as potential support zones if price holds above them. With Ethereum trading at $2,766.36 at press time, this breakout has also been backed by a 2.74% 24-hour price gain and a 4.73% increase over the past week.

Technical Setup Shows Key Resistance at $2,800

Ethereum is currently pushing against the $2,800 resistance level, which traders are watching closely. Analyst Ted (@TedPillows) noted that Ethereum is “breaking its daily range” and approaching the next key level. A breakout above $2,800 could set the stage for a move toward $3,000 and possibly higher.

Technical analysis also shows that the previous consolidation zone between $2,400 and $2,550 may now serve as a support base. A price path shared by Ted outlines a potential move toward $4,020 if $2,800 is flipped into a new support level.

Large Traders Lock in Gains During Rally

While retail traders may see $2,700 as a support level, some large players have used the rally to take profits. On-chain tracker Lookonchain reported that a whale sold 30,000 ETH via OTC on June 10 for $82.76 million. This sale followed an earlier purchase of the same amount for $75.56 million on May 27, resulting in a $7.3 million gain.

This whale has executed similar trades before. It previously bought ETH at $1,830 in April and sold in May at $2,621, gaining $23.73 million. In total, the address has made $31 million in profits over the past 44 days.

A separate trader known as 0xcB92 also opened a short position of 21,963 ETH, valued at $60.8 million, with an unrealized profit of $187,000. The trader’s liquidation level is around $2,948. Lookonchain noted that this address previously earned over $5.18 million shorting ETH.

Smart trader 0xcB92, who made $5.18M on $ETH, is shorting $ETH again.

An hour ago, he opened a short position of 21,963 $ETH($60.8M), with an unrealized profit of $187K and a liquidation price of $2,948.https://t.co/Opb4WaSUwU pic.twitter.com/Q7oi6VsXvS

— Lookonchain (@lookonchain) June 11, 2025

Network Activity and Leverage Reach Record Levels

Ethereum’s network continues to grow, with active address counts hitting an all-time high of 17.4 million in June. Data from Growthepie shows address activity has increased by over 70% since Q2 began. On June 10 alone, the network recorded 16.4 million active addresses.

Meanwhile, Ethereum futures open interest has crossed $41 billion for the first time, per Coinglass data. This sharp increase in leveraged positions could lead to higher volatility in the short term.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.