ETH Surges Past $3K as Glassnode Flags Rare Flip in Futures Volume Over Bitcoin
Ether (ETH) surged to $3,012, marking an 8.22% increase over 24 hours, according to CoinDesk Research. This positive trend mirrored the broader crypto market, with the CoinDesk 20 Index (CD20) rising 6.39% during the same period. BlackRock, the world’s third-largest asset manager, highlighted ETH’s role as a medium of exchange and store of value in a new research paper, “Blockchains as Emerging Economies.”
The Ethereum Foundation announced plans to integrate zero-knowledge (ZK) proofs into the Ethereum stack, starting with a Layer 1 zkEVM. This will initially allow validators to choose clients verifying off-chain execution proofs from various zkVMs, enhancing security with minimal protocol changes. The Glamsterdam upgrade will facilitate pipelined execution. While ZK client adoption will be gradual, it’s expected to increase as trust grows. Once a majority of validators are confident, Ethereum can raise the gas limit and default to proof verification. To enable this, the Foundation is establishing “realtime proving” standards for zkVM developers, focusing on 10-second latency for 99% of blocks, open-source code, 128-bit security, sub-300KiB proofs without trusted setups, and cost/power constraints enabling home proving.
Glassnode highlighted a significant event: ETH’s 24-hour futures trading volume briefly surpassed Bitcoin’s, reaching $62.1 billion compared to Bitcoin’s $61.7 billion.
Technical analysis reveals exceptional bullish momentum in ETH between July 10th and 11th. The price jumped from $2,788.96 to $2,976.10 (7.10% gain), with the most dramatic move occurring at 21:00 on July 10th, where ETH surged from $2,819.79 to $2,972.56 on significantly increased volume. Resistance appeared at $3,027.83, while strong support formed around $2,818.00, suggesting institutional accumulation and further upside potential.
