Ethereum Price Breakout Sets Stage for $2,800 Target
Ethereum's recent price action has led to a turning point in the market, with bulls targeting $2,800 after breaking out of a range. The cryptocurrency reclaimed the $2,500 area and is now pressing against the upper end of its recent range.
The institutional picture remains constructive, with U.S. spot Ethereum ETFs attracting over $215 million in weekly inflows through September 4. However, this does not necessarily prove that the withdrawn coins are being accumulated for a longer-term rally.
A large exchange outflow of over 116,000 ETH, worth close to $300 million, has reduced readily available sell-side inventory. This could provide support for Ethereum's price, but it is still uncertain whether buyers can turn $2,500 from resistance into support.