Ethereum is up 2.41% to $2,389.89 in the last 24 hours, outperforming the overall market rebound, mainly due to sustained institutional demand for ETFs and easing geopolitical tensions. It shows a strong correlation with Bitcoin, indicating a common movement driven by macroeconomic factors.
Main reason: persistent institutional inflows into spot Ethereum ETFs, which have been ongoing for nine consecutive days, combined with reduced geopolitical risk.
Secondary reasons: Increased activity on derivatives and accumulation patterns on the blockchain that bolster buying pressure.
Short-term market outlook: if ETH holds above the support at $2,340, a test of resistance at $2,574 is likely; a break below $2,200 could trigger a drop towards the 200-day moving average, close to $2,582.$ETH
ETH2,330.1+0.05%