Ethereum Rockets Through $2,550 ๐
Ethereum has surged over 5%, breaking the $2,550 resistance level with notable bullish momentum. Traders are now setting their sights on the next target of $2,800, despite overarching macroeconomic uncertainties.
Institutional Confidence Steers the Rise ๐
The role of institutional investors cannot be overstated in this rally. Spot Ethereum ETFs have reported consecutive positive net inflows, underscoring a bullish sentiment that persists even amidst market volatility.
Regulatory Clarity Encourages Growth
Significantly, the SEC's Crypto Working Group, led by Hester Peirce, has clarified that node operations and validation within Proof of Stake systems do not classify as securities activities. This announcement potentially paves the way for greater institutional participation in Ethereum.
Technical Analysis Highlights ๐ ๏ธ
Ethereum has demonstrated remarkable resilience. Over the past day, it has consistently formed higher lows and highs, reclaiming the critical $2,550 pivot level. A key demand zone between $2,470-$2,495 has bolstered its position.
Watch the Resistance at $2,800
Despite its impressive run, Ethereum faces a significant resistance level at $2,800. On-chain data indicates this area is a cluster of investor cost basis, potentially increasing selling pressure.
The Bigger Picture ๐
Evidently, Ethereum's strength is shining through amid global economic tensions and trade disputes that loom over the crypto markets. Investors are observing how Ethereum will perform over the upcoming days, potentially eyeing further bullish moves.
