Ethereum Price Breaks Out, Sets Sights on $3,200-$3,600 Target

Ethereum (ETH) has been on a tear in recent days, with its price surging to $2,666.45, up 3.37% from the previous day's close.

The altcoin broke out of a range that had held for months last week and is now pushing higher, with some chart watchers seeing room towards $3,200 to $3,600 if the current breakout holds.

Heavy staking demand is also contributing to the bullish case, with over 13 times more ETH waiting to enter staking than to leave it, according to the validator queue.