Ether extended its impressive rally on Monday, driven by a surge in institutional demand and a notable drop in exchange-held supply to a multi-year low. The cryptocurrency soared to a high of $2,650.18 before settling around $2,617, according to technical analysis data. Despite a slight pullback, Ethereum remains one of the top-performing major tokens this week, buoyed by an influx of $321 million into ether-linked investment products—the strongest weekly inflow since December—highlighting growing investor confidence in ether’s long-term potential. Analysts also point out a decline in ETH holdings on centralized exchanges, signaling a shift toward self-custody and accumulation.
Technical Highlights:
– ETH traded within a 24-hour range of $172.87 (6.97%), reaching a peak of $2,650.18.
– The key resistance level at $2,550 was surpassed with a trading volume of 288,000 ETH.
– Current price action indicates consolidation above $2,600 after a modest dip.
– Support levels are forming around $2,610–$2,615, with bulls actively defending the $2,600 mark.
– A volume spike at 07:58 coincided with a brief dip to $2,609, but the overall trend remains bullish, with higher lows continuing to hold.
As Ethereum maintains its upward momentum, investors remain optimistic about its prospects, supported by strong institutional interest and a shifting on-chain supply landscape. Keep an eye on these key technical indicators to gauge the next moves in ETH’s bullish trajectory.
