Ethereum Price Surges to $2,601 Amid Growing Institutional Interest
The price of Ether (ETH) reached $2,601 on July 2 after a period of consolidation lasting 16 hours. This breakout aligns with increased institutional interest in Ethereum as a platform for tokenized financial products and ongoing spot ETF inflows.
Key developments include:
- Robinhood announced plans to create “Robinhood Chain” on Arbitrum for asset ownership, reinforcing Ethereum’s role in tokenized finance.
- Bitwise CIO Matt Hougan predicted significant growth in Ethereum ETF inflows in the second half of the year, following $1.17 billion in June.
- The convergence of stablecoins, tokenized equities, and staking on Ethereum presents an attractive opportunity for institutional investors.
- Nearly 30% of ETH’s supply is currently locked in staking, while Layer-2 usage is increasing.
- Market focus is shifting to the $2,800 resistance level, which may further bolster bullish trends.
Technical Analysis Highlights
- ETH increased from $2,413 to $2,570, a 6.49% rise within 24 hours ending July 2 at 18:00 UTC.
- Price consolidation occurred between $2,380.83 and $2,460.27 before the breakout at 14:00 UTC.
- During the 16:00 hour, ETH gained 2.44%, with trading volume at 3.5 times the average.
- Support established at $2,554.06, with buyers active despite profit-taking.
- In the final hour, ETH rose from $2,560.29 to $2,577.0, marking a 0.65% increase with a 30% volume spike.
- Higher lows and a strong close suggest continued bullish momentum.