Ethereum has jumped by 8% in the last 24 hours and reached $2,700 for the first time in almost two weeks. The increase in price is supported by more people staking their coins, more institutions joining the market, and positive technical signs that may lead to a rise to $3,000.
According to Beaconcha.in, over 34.65 million ETH, which is about 30% of the total, is now staked on the Beacon Chain. The rise in prices here is the highest ever and is due to long-term holders becoming more confident and choosing to earn from their holdings instead of selling.
Institutional investors are also becoming more active. BlackRock’s iShares Ethereum Trust (ETHA) has not experienced any outflows for 23 consecutive trading days.
The firm has also added $500 million in ETH, which now brings its total holdings to 1.5 million ETH worth $2.71 billion. Meanwhile, ETFs based on Ethereum are still receiving investments, as they brought in $296 million last week.
Technical charts also suggest that the market is headed up. Ethereum has broken above the midline of the Gaussian Channel and a bullish divergence is forming, which is a sign that followed big rallies in 2020 and 2023. If the current trend continues, analysts are expecting the price to increase to $3,100–$3,600.
Even so, $2,700–$2,800 is an important level for Bitcoin to overcome. If a major breakout happens, it could cause a rally in the altcoin sector. If ETH cannot maintain this level, it could drop down to the $2,400–$2,500 support zone again.
The price of Ethereum is still not as high as it was before, so it is attractive to investors who want to buy and hold or trade in the short term. A solid foundation and more trust in the market may be preparing ETH for another major shift in the crypto world.
Also Read: SEC Continued Probing Ethereum Even After ETH ETF Approval: Coinbase
