Ethereum experienced a notable surge in accumulation and staking activity throughout June, marking a historic month despite relatively stable price movements. The heightened steadfastness by HODLers and institutional players points toward an Ethereum breakout on ETH’s price.

According to recent data, Ethereum smart money accumulation addresses have more than doubled. By the end of June, these addresses combined had 22.75M ETH. This is an increase of 425,557.28 ETH from the 16.73 million ETH on June 1. Ethereum’s supply growth reached an impressive 35.97% increase this month alone. This represents the largest monthly gain in history for this category and indicates deep confidence in Ethereum’s long-term value.

These accumulation addresses have a mean cost basis of $2,114.70. Now that Ethereum is above $2,500, these long-term holders are operating on an average unrealized gain of 21.29%. This would indicate little short-term selling pressure in turn adding to the cryptocurrency’s stickiness.

Ethereum’s liquid staking hit an all-time high in June. Staking on protocols like Lido DAO and Binance has recently seen unprecedented growth. The combined total of ETH staked has increased by almost 1 million, now totaling an incredible 35.56 million. This increase in staking activity highlights the market’s move towards getting passive income from Ethereum’s proof-of-stake mechanism.

From a technical perspective, Ethereum’s major support levels are found at $2,450 and $2,280. The relative strength index (RSI) is 57.6, an uptrend with momentum rising but not yet overbought. These technical indicators and the very bullish accumulation trends are pointing in the direction of Ethereum’s strong near-term performance continuing.