Ether Surges to $2,650 Amid Strong Institutional Demand and Low Supply
Ether (ETH) continues its rally, driven by increased institutional demand and reduced supply on exchanges. The asset reached a peak of $2,650.18 before settling around $2,617.
Key facts include:
- Weekly inflows into ether-linked investment products reached $321 million, the highest since December.
- A decrease in ETH held on centralized exchanges indicates a trend towards self-custody and accumulation.
Technical Analysis Highlights
- 24-hour price range was $172.87 (6.97%) with a peak at $2,650.18.
- Key resistance at $2,550 was surpassed with 288K ETH traded.
- Price action shows consolidation above $2,600 after a minor pullback.
- Support is forming between $2,610 and $2,615, with buyers defending the $2,600 level.
- A significant volume spike occurred at 07:58 during a brief dip to $2,609.
- The overall trend remains bullish, maintaining higher lows.