The price of Ethereum is recovering amidst institutional demand and news of a ceasefire between Iran and Israel, leading to a 9% increase.
Institutional Buying of Ethereum Continues
According to Farside Investors, spot Ethereum ETFs in the U.S. saw a net inflow of $100.7 million. Inflows from funds such as BlackRock and Fidelity amounted to $25.7 million and $60.5 million respectively, despite geopolitical tensions. CoinShares reported $124 million in inflows from institutional investors for the ninth consecutive week, marking the longest streak of inflows since mid-2021.
ConsenSys Continues ETH Buying
Blockchain company ConsenSys, founded by Ethereum co-founder Joseph Lubin, has continued its ETH accumulation strategy. According to Lookonchain, a wallet likely linked to ConsenSys purchased another 3,704 ETH worth $8.91 million through Galaxy Digital's OTC. Over the past three weeks, this wallet has acquired a total of 161,112 ETH valued at nearly $422 million. Arkham Intelligence noted that the wallet frequently transferred funds to another wallet holding over $187 million in Liquid Staked ETH.
Ethereum Price Set for Rally
The price of Ethereum surged by more than 7% in the last 24 hours, trading at $2,417 at the time of writing. Analysts maintain a bullish outlook on recovery, predicting the price could reach resistance at $2,750, potentially leading to a breakout above $3,000. Trade volume also increased by 12%, indicating growing interest from traders.
Overall, the dynamics of institutional investment flows and increasing interest in Ethereum may signal further market recovery, especially in light of recent news.
