Ethereum Surges 27.8% in Seven Days Amid Institutional Demand
Ethereum's price has been steadily increasing over the past week, reaching $2,507.26 as of Thursday morning and rising 27.8% in seven days. This surge marks a significant recovery from its low point in June when it traded at around $1,512.
The network's market capitalization now sits near $301 billion, with over 120 million coins in circulation. Ethereum's share of the total crypto market value stands at 10.88%, up from $295.7 billion earlier this week.
US spot ether exchange-traded funds have recorded eight consecutive sessions of net inflows, adding approximately $192 million on Wednesday and pushing the cumulative streak past $1 billion. This influx of institutional demand is a significant factor in Ethereum's price increase, as it indicates growing confidence in the cryptocurrency among large investors.
Despite this positive trend, there are still challenges ahead for Ethereum. The price has now interacted with the $2,500 handle four times inside seven sessions and cleared it decisively zero times. Market participants have cited sell-side pressure concentrated near the $2,500 area, suggesting that institutional buying through the ETF channel is being met directly by existing holders and traders taking profit.