Ethereum (ETH) maintained its bullish momentum on Monday, trading at approximately $2,617 after reaching a high of $2,650.18. This positive price movement is largely attributed to a significant increase in institutional demand and a notable decrease in the supply held on exchanges, which is currently at a multi-year low. CoinDesk Research reports a remarkable $321 million influx into ether-linked investment products, marking the strongest weekly performance since December and showcasing growing confidence in ETH's long-term viability.
Technical analysis indicates ETH traded within a 24-hour range of $172.87, reflecting a solid 6.97% increase. The asset successfully broke through a key resistance level at $2,550, with a trading volume of 288,000 ETH. Despite a minor retracement, ETH is stabilizing above the $2,600 mark, with support forming between $2,610 and $2,615. A spike in trading volume early in the day saw ETH briefly dip to $2,609, but bulls seem vigilant in defending the $2,600 level. The overall bullish trend persists with each subsequent low remaining higher than the last.
Technical analysis indicates ETH traded within a 24-hour range of $172.87, reflecting a solid 6.97% increase. The asset successfully broke through a key resistance level at $2,550, with a trading volume of 288,000 ETH. Despite a minor retracement, ETH is stabilizing above the $2,600 mark, with support forming between $2,610 and $2,615. A spike in trading volume early in the day saw ETH briefly dip to $2,609, but bulls seem vigilant in defending the $2,600 level. The overall bullish trend persists with each subsequent low remaining higher than the last.
