Key Takeaways
- Ether surges 6%, briefly hitting $2,600 amid a broader crypto market recovery.
- Strong institutional demand drives ETH inflows into spot ETFs, with 106,000 ETH added last week.
- Technical indicators signal bullish momentum, potentially pushing ETH toward $2,900.
ETH Surges 6% to Hit $2,600
Ether (ETH), the second-largest cryptocurrency, has outperformed most top-10 assets, gaining 6% in 24 hours to trade at $2,598. This rally aligns with a market-wide uptick:
- Bitcoin approaches $110,000 (+3%).
- Dogecoin (+7%) and Cardano (+6%) lead altcoin gains.
- XRP, TRX, and BNB also show positive momentum.
👉 Why Institutional Investors Are Flocking to ETH
Institutional interest is a key catalyst. Glassnode reports 106,000 ETH flowed into spot ETFs recently, reflecting robust demand.
ETH Could Rally Toward $2,900
The ETH/USD 4-hour chart reveals bullish inefficiency, hinting at impending momentum. Key technical insights:
- MACD: Lines in the positive zone confirm bullish bias.
- RSI: At 66, ETH nears overbought territory but retains upward potential.
Support/Resistance:
- Support: $2,323 (horizontal) and 50-day SMA ($2,528).
- Resistance: $2,738 (initial target), then $2,879.
Price Scenarios
Bullish Case:
- Dip to $2,530** for efficiency, then rally to **$2,879.
Bearish Reversal:
- Failure to hold $2,323** could trigger a drop to **$2,111.
FAQ: Ether’s Price Momentum
Q: What’s driving ETH’s current price surge?
A: Institutional ETF inflows (+106,000 ETH) and broader market recovery.
Q: How reliable are the bullish technical signals?
A: MACD and RSI suggest strength, but watch for overbought RSI above 70.
Q: What’s the next key resistance level?
A: $2,738, followed by $2,879 if bullish momentum holds.
👉 Explore ETH Trading Strategies
Disclaimer: This content is for informational purposes only. Cryptocurrency investments are volatile and risky.
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