Ethereum (ETH) price has reached $2,300, grabbing investors' attention. Increased buying momentum is the key driver behind this surge.
Breaking Key Resistance Level
Ethereum recently broke past the technical resistance around $2,200, which had restricted its upward movements. Now this level is being tested as support with the current price at $2,250. Analysts say this breakout could signal further ETH growth.
Institutional Investor Activity
The recent price movement of ETH has also been supported by increasing institutional activity. Data shows that wallets associated with World Liberty Financial have acquired over 1,500 ETH worth approximately $3.5 million. Additionally, Abraxas Capital withdrew 49,644 ETH, or about $92 million, from Binance and Kraken in a short window, indicating long-term holding intentions.
Technical Indicators and Market Sentiment
Several technical indicators suggest a strong bullish trend for Ethereum. The Relative Strength Index (RSI) has climbed to 73.07, indicating potential overbought conditions. The market sentiment has turned positive with increased trading volumes and interest in ETH, reflected by a surge in daily trading volume to $38 billion.
Ethereum's price surge may signal the beginning of a new altcoin rally, driven by both technical factors and institutional activity.
