Ethereum, one of the leading cryptocurrencies, confidently holds above $3,600 after a recent test of resistance near $3,800. Growing institutional interest and limited token supply are driving this price increase.
Ethereum Market: Recent Achievements
The price of Ethereum has surged over 50% in the past month. Increased accumulation by whales and corporate buys add fuel to the upward trajectory. Over the past week, ETH recorded a 10% gain, largely explained by strong inflows into spot ETFs and positive macroeconomic news.
Decrease in Ethereum Reserves on Exchanges
Ethereum reserves on centralized exchanges have fallen to a multi-year low of less than 19.5 million tokens. This significant decrease accompanies a rise in ETH price, which could have market implications. Analysts believe this decline is not random, as reduced tokens available for sale may create scarcity in the market.
Future of Ethereum Prices and Support Level at $3,600
At the beginning of the session, ETH price was $3,630, with a noticeable high of $3,681. A drop to $3,500 opens the door for further declines, while a recovery back to $3,800 with strong volume may lead to breaking past the psychological $4,000 mark.
Given the positive signals from both technicals and fundamentals, the Ethereum market exhibits potential for further growth, which may be supported by the $3,600 level.
