Ethereum's price draws investors' attention, indicating recovery. We explore if ETH can sustain this trend amidst expert insights and institutional activities.

Current Ethereum Price Movements

Ethereum (ETH) is showing signs of recovery, moving within a triangular pattern. Recently, the ETH price rebounded from $2,332, an important level connected to the Fibonacci extension. If ETH continues to hold above this, it could reach $2,598, aligning with the 0.618 daily Fibonacci Extension. The trading volume surged by 67%, indicating growing interest in the market. On the downside, if Ethereum fails to hold $2,300, it could drop to $2,100, a 12% decrease from the current price.

Institutional Activity Impact

Low institutional demand has posed challenges for Ethereum. US spot ETH ETFs reported an outflow of $560 million, mostly led by Grayscale’s ETHE. This reflects cautious behavior from large holders. Additionally, large whale wallets, including ones linked to the Chinese government, have started selling $1.3 billion worth of ETH. This could increase selling pressure and affect the ETH USD price.

Ethereum Network Growth and Long-Term Outlook

Despite some concerns, Ethereum's fundamentals remain strong. The network has seen major upgrades, including Ethereum staking via the Beacon chain, with over 34.7 million ETH staked. This represents nearly 28.8% of the total ETH supply, strengthening Ethereum as a leading Layer 1 blockchain. In the DeFi space, Ethereum holds $44 billion in TVL and boasts an $84 billion stablecoin market cap. Key projects like Uniswap and OpenSea add to Ethereum's dominance and show continued growth.

The Ethereum market shows resilience amid significant institutional outflows and whale activity. While the support level at $2,300 remains crucial, the price's ability to rebound signals strong underlying demand. If Ethereum maintains its current course and breaks past $2,598, it could continue its upward momentum.