Key Takeaways
- Ether surged over 6% in the last 24 hours, briefly crossing the $2,600 threshold.
- The cryptocurrency could rally toward $2,900 amid strong technical momentum.
ETH Gains 6% to Reach $2,600
Ether (ETH), the second-largest cryptocurrency by market capitalization, is among the top performers in the top 10 crypto assets. The coin added over 6% to its value in the past 24 hours and now trades at $2,598 per token.
This positive performance aligns with a broader crypto market recovery. Bitcoin is approaching the $110,000 mark after gaining 3%. Dogecoin and Cardano also rose by 7% and 6%, respectively, while XRP, TRX, and BNB remain in the green.
Ether's rally may be attributed to growing institutional investor interest. Data from Glassnode reveals that 106,000 ETH coins flowed into spot Ether exchange-traded funds (ETFs) last week, signaling strong institutional demand.
👉 Discover how institutional inflows are shaping ETH's rally
ETH Could Climb Toward $2,900 Soon
The 4-hour ETH/USD chart is optimistic but inefficient, suggesting impending capital rotation into lower timeframes. Technical indicators remain bullish, reflecting sustained buying pressure for Ether.
The coin has traded between the 50-day Simple Moving Average (SMA) at $2,528 and horizontal support at $2,323 in recent days. Both MACD lines reside in positive territory, indicating a robust bullish trend. Additionally, the RSI of 66 shows ETH entering overbought conditions.
Ether may briefly retest $2,530 to establish efficiency on the 4-hour timeframe before resuming its ascent. If bulls maintain control, ETH could first target major resistance at $2,738. A sustained uptrend might push the coin toward the next key resistance level at $2,879.
However, should bullish momentum wane prematurely, bears could attempt to pull the pair below the $2,323 support. Failure to defend this level might see ETH decline toward the next major support at $2,111.
FAQs
What’s driving ETH’s current price surge?
Institutional demand through spot ETFs and broader market recovery are key catalysts for ETH's rally.
How reliable are ETH’s bullish technical indicators?
While indicators like MACD and RSI suggest strength, traders should monitor for potential overbought corrections.
What’s the next critical resistance level for ETH?
If ETH breaks past $2,738, the $2,879 resistance becomes the next focal point for bullish momentum.