Crypto Market Surges on Spot Demand Amid Institutional Buying
The cryptocurrency market experienced a significant surge on Sunday, with Bitcoin and Ethereum posting sharp gains. This move has sparked questions about whether spot demand has finally arrived in the market after months of ETF-driven flows.
According to traders tracking spot demand drivers, the recent price action aligns with renewed institutional buying patterns seen over the past 12 months. This trend is consistent with historical data on crypto market pumps and spot ETF inflows.
Ethereum's price prediction models are currently focused on the 4-hour chart, where the price sits at $2474.73 within the Bollinger bands. The upper resistance level is set at $2526.17, while the lower support level is at $2412.17. Despite a death cross printed by the MACD at 0.7, the bullish structure above the EMA50 at $2418.56 and EMA200 at $2156.06 remains intact.