Ethereum Rallies Above $2,400 as Institutional Interest Surges

Ethereum has broken above the critical $2,300, $2,400 resistance level and is showing signs of a potential rally to $3,000. Technical analyst Ali Charts identified a triangle pattern on the 12-hour chart that previously led to a 31% surge in just three days. The breakout was accompanied by strong ETF inflows, with Ethereum spot ETFs attracting $216.41 million in fresh capital on September 11, led by BlackRock's ETHA with $148.82 million inflows.

The influx of institutional interest has driven Ethereum's market resilience, according to Tom Lee, chairman of BitMine Immersion Technologies. He believes that Ethereum will become the key settlement infrastructure for Wall Street and artificial intelligence applications, which has contributed to its recent strong performance.

However, momentum indicators like MACD suggest some weakening, and traders are watching the Federal Reserve's upcoming policy meeting for potential impacts on crypto markets. If prices dip below $2,490, support is expected near $2,400.