Ethereum (ETH) price has surged 8.73% in 24 hours and is now approaching the $2,800 mark for the first time since February.
This surge is mostly fueled by strong institutional demand, with major players like BlackRock alone buying $500 million worth of ETH in just 10 days, and record numbers of staked Ethereum, which now sit at 34.65 million .
While the price still sits about 43% below its all-time high of $4,721, a breakout above $2,800 could lead to more upside, potentially allowing the token to break the $3,000 mark.
Ethereum price performance
Technically, ETH broke above its 200-day simple moving average (SMA) of $2,660 and 50-day SMA of $2,287. The relative strength index (RSI) is also leaning bullish-neutral, sitting at 65.
Futures open interest (OI) is going up, having increased from $26 billion to $36 billion in the past month (a 40% increase, according to CoinGlass).
Similarly, spot exchange-traded funds (ETFs) have seen around $837.5 million worth of ETH added since May 16.
Crypto analyst Michaël van de Poppe thinks the signs point to a ‘break to the upside,’ saying that the token is ‘taking the smaller altcoins with it’ in what he called ‘a great market environment.’
Featured image via Shutterstock
