Ethereum Bulls Hold Firm Above $2,700 as Institutional Interest Rises
Ethereum has continued its bullish positioning, holding above $2,700 as investors continue to buy into the cryptocurrency. The price of ETH saw a rejection at $2,786 resistance after jumping 14% over the past seven days.
The recent uptrend in Ethereum is not unique to ETH, as the crypto market has rallied broadly, continuing its strength from last week despite a Federal Reserve rate hike and a regulatory setback. The US spot ETH exchange-traded funds (ETFs) attracted roughly $270 million, marking two consecutive days of net inflows, offsetting the prior three days of outflows.
Whales are also piling in following the price rise, with an OTC whale buying 4,500 ETH on Tuesday, bringing its balance to 37,000 ETH. BitMine Immersion, a treasury firm, likely bought more tokens, adding 12,500 ETH to its collective balance.