Ethereum crossed the $2700 mark for the first since February. It has risen nearly 5% in the last 24 hours, trading at $2736 as of press time.
Ethereum’s impressive recovery continues with this move.ETHAfter a tough Q1, which saw the prices fall more than 45%, ) is now up by 53% in the last month. Growing institutional interest appears to have been a major factor in the recent rally.
SoSoValue reports that U.S. exchange-traded Ethereum funds attracted $402 million of inflows in the past month. data. BlackRock’s iShares Ethereum Trust has brought in only $53 millions in the past day, bringing its overall inflows of $4.3 million.
Some leading industry figures are now calling on the U.S. Securities and Exchange Commission (SEC) to allow staking of Ethereum ETFs. SEC Commissioner Hester Pettice has clarified Ethereum’s node operations, validation and proof-of stake functions are not securities. More capital could be attracted if ETF staking request from 21Shares and other companies is approved.
Institutions have been buying ETH in large quantities. More than 350,000 Ethereum worth $837 Million were purchased by institutions. purchased Abraxas capital between 7 May and 21 May. The company also pulled 185,000 ETH out of exchanges at the start of May during a price hike by 44%, demonstrating its long-term confidence.
Earlier this month, the trading firm DRW made headlines after investing $150,000,000 in an Ethereum ETF. This investment was more than its Bitcoin exposure (BTC). SharpLink Gaming, an online gaming company, is another example of the growing popularity. raised ConsenSys led the $425 million effort on May 27 to create an Ethereum Treasury. Its stock rose 400% after the news, and Ethereum founder Joseph Lubin was appointed to its board.
Ethereum’s daily chart is exhibiting bullish momentum, as it tests its upper Bollinger Band. Price is above $2,573, which was a key support level during the recent rally. ETH forms a rising wedge, which may indicate a continued rally if it breaches the $2800 resistance.
There are buy signals flashing on the 100-day and 50-day EMAs as well as most of the other important moving averages. ETH’s relative strength index is 71.5. This indicates that ETH could be heading towards overbought territory. A brief pause or pullback This is especially true as the markets approach the $2,800-$3,000 psychological levels.
If it fails to hold above $2700, Ethereum could retest the support level at $2650, or even at its 20-day SMA of $2573, if momentum continues. A breakout above 2,800, on the other hand, could lead to higher prices, such as $2,900, and even more if the momentum continues.
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Source: crypto.news
