Ethereum Bounces Back Above $2,400 Amid Institutional Accumulation and Upgrade

Ethereum has regained its footing after a sharp decline earlier this week, reaching $2,443 as of September 17. The token's price rose by 1.9% in the past 24 hours, keeping it above its 20-day exponential moving average.

The recovery follows a selloff triggered by the US Senate's failure to advance the CLARITY Act. Ethereum dropped over 6% on September 15, but has since separated from some of the weakness across the crypto market.

One catalyst for Ethereum's recovery is its recent upgrade, Multi Party Block Construction (MPBC), which went live on the mainnet on September 16. This upgrade improves transaction inclusion and reduces dependence on a single builder for block contents.

Institutional accumulation has also continued, with BitMine Immersion Technologies increasing its treasury to 5,956,378 Ethereum after buying another 27,180 Ethereum during the previous week. Its holdings now represent roughly 4.9% of Ethereum's 122 million token supply and are close to its stated target of holding 5%.