Key Takeaways
- Ether surges 6% in 24 hours, briefly hitting $2,600.
- Strong technical indicators suggest a potential rally toward $2,900.
- Institutional demand grows, with 106,000 ETH flowing into spot ETFs last week.
ETH Surges 6% to Hit $2,600
Ether (ETH), the second-largest cryptocurrency by market cap, outperformed most top-10 cryptocurrencies, gaining 6% in 24 hours to trade at $2,598. This rally aligns with a broader market recovery:
- Bitcoin approaches $110,000 (+3%).
- Dogecoin (+7%) and Cardano (+6%) show significant gains.
- XRP, TRX, and BNB also trend upward.
👉 Why institutional investors are flocking to ETH
Catalyst: Institutional interest spikes, with 106,000 ETH moving into spot ETFs (per Glassnode data), signaling robust demand.
ETH Could Rally Toward $2,900 Soon
Technical Analysis (4-Hour Chart)
- Bullish inefficiency: Suggests imminent money flow adjustment.
Indicators:
- MACD: Positive region, strong bullish bias.
- RSI: 66 (approaching overbought).
Support/Resistance:
- SMA50: $2,528 (key support).
- Major resistance levels: $2,738 → $2,879.
Scenario:
- Dip to $2,530 for efficiency, then upward push.
- Bullish continuation: Targets $2,738, potentially $2,879.
- Bear risk: Failure to hold $2,323 could plunge ETH to $2,111.
👉 Master ETH trading strategies
FAQs
1. What’s driving ETH’s price surge?
Institutional ETF inflows and broader crypto market recovery.
2. Can ETH reach $2,900 soon?
Yes, if bulls sustain momentum and technical levels hold.
3. What’s the critical support level?
$2,323 – losing this may trigger a drop to $2,111.
4. Is ETH overbought?
RSI (66) nears overbought but doesn’t yet signal a reversal.
5. How does Bitcoin’s performance affect ETH?
Positive BTC trends often boost altcoins like ETH.