Ethereum prices tapped $2,822 following a 4% gain on the day during early trading in Asia on Wednesday morning. It is the highest price the asset has traded for since February 24, when it reached a similar level.

ETH has now broken above resistance at $2,700, which stopped it from climbing higher four times over the past month or so. The next target above here is the psychological $3,000 barrier.

Ethereum is “back in beast mode,” commented crypto trader ‘Merlijn’ who added that it smashed through $1,500 and $2,200 “like paper” and is “now staring down $4,000.”

The next stop is price discovery, he added before predicting that it could move to five figures.

Ethereum is back in beast mode.$ETH smashed through $1.5K and $2.2K like paper.

Now it’s staring down $4K.

Next stop? Price discovery.

$10K isn’t a dream it’s a setup. pic.twitter.com/ldU1wLFeVx

Ethereum Is Back

Bybit partner and trader ‘Christiaan’ observed that the next resistance level to be above this is $3,150; however, the asset had retreated back to $2,784 at the time of writing.

“This breakout is driven by Bitcoin reclaiming the $110,000 level and a surge in leveraged trading,” wrote 10x Research analysts on June 11.

Over the past month, Ethereum has experienced multiple price increases exceeding 10%, but each time it quickly retreated, they noted. However, the improvement in market sentiment was mainly influenced by several key events:

“Vitalik’s scaling roadmap released on May 19, the US SEC on staking activities on May 29, the Ethereum Foundation’s fiscal policy on June 5, and the SEC’s more tolerant stance towards decentralized finance on June 9.”

Ethereum advocate Anthony Sassano said he believes Ethereum will “win it all and winning all 3 of these prongs (settlement, execution, and store of value) is incredibly bullish and why ETH is going to one day be worth $100 trillion+.”

Many people think that its bearish that Ethereum is trying to win it all (settlement, execution and SoV).

I believe that Ethereum will win it all and winning all 3 of these prongs is incredibly bullish and why ETH is going to one day be worth $100 trillion+.

Ethereum already…

The ETH/BTC ratio, which measures Ether in terms of Bitcoin’s value, has also improved over the past few weeks, increasing to 0.025 at the time of writing.

Elsewhere on Crypto Markets

Bitcoin reclaimed $110,000 during Asian trading on Wednesday but retreated just below it shortly after. The asset has remained above six figures for a record five weeks now, solidifying support levels and priming for another leg up.

Altcoins were primarily in the green with larger gains for Hyperliquid, Chainlink, and Uniswap, which surged 17% on the day.

Total market capitalization was around $3.57 trillion at the time of writing, the highest its been since May 23.