ETH Ether (ETH) had an excellent month, buoyed by increasing on-chain fundamentals and deep trading volume. Taking the first step on its long bull run. It recently popped above critical resistance levels and the rising wedge founding a bullish pattern earlier.

Ether was just above $2,576 at the start of the June 9 trading session, falling as low as $2,562 on very low volume. However, strong buying interest emerged around 21:00 UTC, propelling the price upward as turnover exceeded 436,000 coins.

As shown, the price of Ether led two major, volume-supported breakouts. The first above $2,600 on June 9 with 436,000 ETH exchanged. This was shortly succeeded by a separate outburst over $2,700 on June 10, when 560,900 ETH transacted. A second wave of demand just before 11:00 UTC on June 10 pushed Ether past the $2,700 mark, reaching a 24-hour high of $2,783.

At present, Ether is trading at $2,744.87, which represents a 6.54 percent increase with 560,900 coins traded, or US$1.51 billion. The asset price movement indicates a compelling bull trend. It shows a clear series of higher lows and higher highs, rising from $2,562 to $2,783.

On-chain fundamentals are piling on the bullish outlook for Ether. As of this writing, the total of Ether staked has reached an all-time high of over 34.65 million tokens. The massive number effectively freezes around 28.7 percent of the entire supply.

Analysts are saying it is very likely Ether will begin to form a base around the current support level of about $2,720. The closest high-volume supply zone currently sits at $2,796, marking near-term resistance.

One popular trader noted that Ether has entered a "beast mode" phase after surpassing the $1,500 and $2,200 resistance levels. The trader is betting on more upward price action towards $4,000 and above.

Ether is doing over $25 trillion in transactions last year. It underpins the backbone of the new digital economy, supporting stablecoins, tokenized assets, native yield, DeFi and more. Technically, there’s been a double-bottom pattern between $2,720 and $2,740. This emerging pattern would offer significant support for a healthy consolidation before the next leg higher.