Ethereum Price Rebounds 7.43% to $2,703.75 Amid Favorable Conditions
The Ethereum price rebounded by 7.43% to $2,703.75, according to TradingKey. Despite the current upswing, the target remains at $2,597. The rebound is attributed to favorable macroeconomic conditions and renewed institutional capital flows. The Ethereum Merge, which transitioned the network from proof-of-work to proof-of-stake, was completed in September 2022.
The smart contract token mirrors broader crypto price action, with Bitcoin struggling to regain momentum above $83,000. The Layer-2 expansion, high staking rates, and ETF inflows have tightened circulating supply. Derivatives short liquidations accelerated momentum while technical indicators showed mixed signals.
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