Ethereum Price Soars Towards $2K Amid Institutional Demand Surge
Ethereum's price has surged towards $2,000 as institutional demand surges. The biggest weekly inflow of Ethereum ETFs in nearly four months brought in $244.94 million this week, according to Ted (@TedPillows), an analyst who highlighted the data on X.
The Whale Sentiment Index is at 66, indicating heavy buying from large holders. Two whales accumulated 80,000 ETH worth $152 million, pushing the index above 60 for two days and staying above 50 for six straight days.
While some long-term holders are selling, including one who incurred a $6 million loss by selling 7,323 ETH at an average price of $2,723, others see promise in Ethereum's technical levels. The RSI is at 61.03, and the MACD line is above the signal line with a positive histogram reading.
Ethereum is trading near $1,923, up about 1% in 24 hours, and is testing its 100-day moving average. A break above this level could open a path towards the 200-day EMA at $2,147. Analyst Ali Charts (@alicharts) noted that Ethereum's monthly chart flashed two TD Sequential buy signals last month, which have accurately identified the ETH trend over the past four years.
The U.S. Senate has opened the first voting stage on the CLARITY Act, which could move to a September vote if it clears a 60-vote threshold.