Ether (ETH) extended its upward momentum on Monday, driven by growing institutional demand and a historic drop in exchange supply. This dynamic is fueling bullish sentiment across the crypto market.
Ether Surges Past Key Resistance
ETH briefly touched $2,650.18 before settling around $2,617. Despite a small pullback, Ether remains one of this week’s top-performing major tokens.
Over the past week, Ether-linked investment products attracted $321 million in inflows. That’s the largest weekly figure since December and a clear sign of rising investor confidence in Ethereum’s long-term outlook.
Institutional Inflows Hit 2024 High
The massive capital injection into Ether investment products underscores renewed institutional interest. As a result, ETH’s strong price action appears to be backed by real demand rather than short-term hype.
Meanwhile, ETH balances on centralized exchanges have dropped to a multi-year low. This trend often signals long-term accumulation and increased self-custody, both bullish signs for the asset’s future.
Technical Analysis: Bulls Still in Control
ETH saw a 24-hour trading range of nearly 7%, peaking at $2,650.18. It broke through the key resistance level at $2,550, with a trading volume of 288,000 ETH supporting the move.
Currently, the price is consolidating above $2,600, with strong support forming between $2,610 and $2,615. Buyers appear to be defending the $2,600 mark, reinforcing bullish momentum.
A brief dip to $2,609 around 07:58 UTC sparked a volume surge, but the price quickly recovered, showing the market’s resilience. Overall, the trend remains upward, with higher lows continuing to form—a classic bullish pattern.