Ethereum hits $2.6k – With 6M ETH staked, what’s next for price action?

Key Points

1. Ethereum (ETH) broke above $2,590, reaching $2,600 with a 6.3% daily surge, following a month of significant accumulation and staking activity.

2. Over 6 million ETH were added to non-CEX wallets in June, pushing accumulation addresses to 22.7465 million, while Liquid Staking hit a record high.

3. Spot Taker CVD data shows dominant buy volume, indicating aggressive buyers are controlling the market, supporting a sustained ETH uptrend.

4. Open Interest surged 10.47% to 19.27 billion, reinforcing Ethereum's momentum but potentially increasing volatility from over-leveraged positions.

5. The NVT Ratio and Stock-to-Flow metrics spiked, signaling potential overvaluation risks if real adoption growth doesn't follow the price surge.

6. Liquidation clusters below $2,500 created a short squeeze, with $2,480-$2,510 now acting as a strong support zone for potential further upside.