Ethereum Price Rises to $2,600 Amid Strong Institutional Buying
Ethereum's price rose by 2% to $2,600 amid strong institutional buying. Analysts predict resistance at $2,700, with potential for a rally to $3,000-$4,000.
Institutional Purchases Resumed
- Abraxas Capital acquired an additional 46,295 ETH worth $115.3 million after a three-day break.
- Total holdings since May 7 reached 350,703 ETH, valued at $837 million, averaging $2,386 per ETH, reflecting an unrealized profit of $50 million.
- US Ethereum ETFs saw net inflows of $64.8 million, with BlackRock’s Ether ETF contributing over $45 million.
- BlackRock holds over 1.2 million ETH, with Ethereum comprising 92% of its $3 billion tokenized BUIDL fund.
Golden Cross Pattern
Ethereum formed a golden cross on its price chart, indicating a bullish trend. Futures open interest remains stable at $31.32 billion, suggesting strong bullish sentiment among traders.
Exchange reserves are dropping significantly, hinting at a tightening supply and potential price surge toward $5,000 being plausible.