Ethereum Price Rises 3.8% as Institutional Inflows Reach $248 Million
Ethereum (ETH) Market Update
- ETH rose 3.8% in 24 hours, finding support at $2,530 with trading volume of 242,521 ETH.
- A breakout occurred early with volumes surpassing 550,000 ETH, pushing prices above resistance levels.
- Current trading price is above $2,575, indicating a short-term trend reversal and new local highs.
- Total net inflows for spot Ethereum ETFs reached $248 million in the past week, reflecting strong institutional interest.
- The $2,800 level is seen as a critical resistance zone; bulls are targeting $2,650-$2,745 next.
Technical Analysis
- Bottoming pattern formed at 01:00 with high volume (242,521 ETH).
- Decisive breakout between 06:00-07:00 with significant volume surges (553,348 ETH and 221,502 ETH).
- Price action exhibited three phases: consolidation, breakout with high volume spikes, and sustained uptrend.
- The $2,600 level has become a new support zone, suggesting potential upside toward $2,650.
- High-volume support at $2,530 serves as a critical floor for retracements.