Ethereum looks bullish as its fees surpassed BTC's on June 7

ETH 2.0's launch approaches. Traders expect it to drive prices toward June 2018 highs, which would require the price to double by year end.

$250 is the next critical level. Buyers need to breach that point to target $300, contingent on volume matching the surge following the March 13 crash. The daily candle needs to hold above $245 to maintain momentum. Falling below that level risks a drop to $216, where monthly support holds firm with volume backing.

Ethereum commands a significant share of the cryptocurrency market. The altcoin accounts for between 9.89% and 10% of total cryptocurrency market capitalization, while Bitcoin dominance remains above 64%. Ethereum's rising activity expands its market dominance, and a push to 10.8% could spark additional buying pressure.

Beyond the price picture, on-chain metrics suggest growing network strength. June 7 marked an unusual occurrence: Ethereum network fees exceeded Bitcoin's—an event that happens about 8% of the time since launch. Meanwhile, unique addresses on the network have surpassed 100 million, with more than 40 million of these actively holding tokens.