Ethereum Price Stalls at $2,600 Support Level as Institutional Demand Grows

Ethereum's price has been steadily climbing, reaching $2,673.39 at the time of writing and up 0.40% over the last 24 hours.

The crypto asset is approaching a significant support area around the $2,560-$2,600 level, which was previously a resistance zone.

This level has been tested as support several times, and analysts believe that if Ethereum breaks out from this level during a retreat, it would mark a reversal of the resistance to support level.

The 200 EMA comes in at roughly $2,460, providing another technical level above the mentioned range.

Institutional demand is also on the rise, with net inflows to US spot Ethereum ETFs totaling around $104.5 million on September 23.

The iShares Ethereum Trust ETF (ETHA) by BlackRock led the charge with net inflows of $50.8 million, nearly half of the daily net inflow into U.S. spot Ether ETFs.