Ethereum has confidently overcome the resistance level, ushering in a new phase of growth. Let's explore the key factors supporting Ethereum's strengthening position in the cryptocurrency market.

Ethereum Price Dynamics

The Ethereum price has successfully broken out of the $2,650 resistance level, marking the start of a new upward trend. Having established a stable support range between $2,223 and $2,320 following the August drop, this large-cap altcoin has grown over 3% in the past 24 hours, testing a crucial resistance level around $2,748. Additionally, Ethereum has outshone Bitcoin for the first time in several weeks, with Bitcoin maintaining around $69,000.

Increasing Demand from Whales

The Ethereum market has shown noticeable growth over the past few weeks, driven by rising demand from large investors. Last week, US spot Ether ETFs, led by BlackRock’s ETHA, recorded the third week of net cash inflow since the July approval by the US SEC, attracting $78.89 million. The cumulative total net cash inflow now stands at around negative $479.9 million.

Technical Analysis and Prospects

From a technical analysis perspective, Ethereum is well-positioned for an impressive rebound in the near term. According to seasoned trader Peter Brandt, Ethereum has successfully broken out of a daily falling trend formed by a symmetrical triangular pattern. Therefore, Ether's price against the US dollar has recovered from a potential head and shoulders pattern on the daily time frame. Moreover, Ether's price against Bitcoin has rebounded from a double bottom, coupled with a rising divergence on the Relative Strength Index (RSI).

Ethereum demonstrates strong positions for further growth, supported by technical analysis and interest from large investors. These factors contribute to the stabilizing influence on its price and future prospects.