Ethereum Price Nears Key Resistance Level Amid Strong Institutional Demand

Ethereum's price is trading near $2,440 as it enters September after a strong rally in late August. The cryptocurrency's price has been consolidating below the upper boundary of its rising wedge pattern and needs to clear the $2,550 resistance level to confirm the breakout.

The surge in Ethereum's price has been attributed to increasing institutional demand, with ETH ETFs posting record weekly inflows for a second straight week. This has been the highest inflow of 2026 so far, indicating a growing interest in Ethereum from institutional investors.

In an interview, Tom Lee projected that Ethereum could reach $6,000 if Bitcoin hits $150,000, highlighting the potential upside in the cryptocurrency market.