Ether (ETH) closed on Wednesday above $2,700, marking a significant breakthrough in a month and signaling a possible start of a new altcoin season.
Positive Changes for Ether
Ether closed above $2,700 this week, demonstrating positive momentum. Data from analytics platform Swissblock indicates that the current scenario for Ether against Bitcoin is much more bullish, possibly signaling the start of an altseason. Analysis shows that ETH inflows are gaining traction, and its ecosystem narratives are strengthening.
Key Levels and Market Structure
Ether is attempting to break above the resistance level between $2,650 and $2,750, which has acted as a firm ceiling since May 2023. A successful flip of this range could open the path toward the psychological barrier of $3,000. Low trading volumes in the area between $3,000 and $3,300 suggest less resistance, which could facilitate rapid price movement.
Impact of Institutional Demand
The open interest in CME Ether futures has climbed to $3.27 billion, the highest level since February. This surge reflects growing interest from institutional investors in ETH as the price momentum builds. Additionally, net inflows into Ether exchange-traded funds (ETFs) have remained positive for eight consecutive weeks, accumulating over 61,000 ETH.
Ether is at a critical inflection point, and the coming sessions could determine whether it escapes its multi-month range or returns to a consolidation phase.
