ETHUSD Eyes $2,108 as Institutional Activity Surges
The Ethereum vs US Dollar spot CFD market is showing signs of increased activity and institutional involvement. The price of ETHUSD is currently sitting above its 20- and 50-day Exponential Moving Averages (EMAs), around $1,837 and $1,829 respectively, with resistance at the 100-day EMA, approximately $1,937. If a daily close occurs above this level, it could target a price of $2,108, while a break below $1,741 would risk significant downward pressure.
A major short position in ETH was executed on Hyperliquid for around $67 million, indicating substantial institutional trading activity in the Ethereum market and rising participation from professional traders. This development comes as Binance withdrawals hit a three-year high, with about 34% of the total Ethereum supply currently staked, reducing the available float in the spot CFD market.