Ethereum Price Action
Ethereum price has risen 8.32% in the last 24 hours to $3522.63. This rekindles its upward trajectory from the previous week when it gained 6.0% going from $3253.03 to its present level.
For the previous two weeks, ETH price has been trading inside this triangle pattern, dipping as low as $3000. It finally broke out of the consolidation today, surging past the $3500 resistance.
Ethereum’s market dominance index has risen from 17.4% to 18.6% over the last 48 hours.
However, in case of a downtrend, the first support is at $3350. A further plunge will bring $3200 to play. $2890 will be the next level from there.
As for the technical indicators, the RSI is flashing a neutral signal valued at 62.85. Whereas 13 out of 15 moving averages flash a buy signal.
Over the last week, Ethereum’s trading volume has surged by 33.0%, moving in lockstep with the coin’s overall circulating supply, which has increased by 0.03 percent.
Institutional Inflow on the rise!
According to data from asset manager CoinShares, the rise in Ether’s price comes as the altcoin market sees its second week of capital inflows.
According to the firm’s weekly report, altcoin-based assets saw $24 million in inflows last week, up from $21 million the week before. Ethereum, the most popular altcoin, received $17.2 million in inflows, accounting for nearly 25% of total assets under control (AUM)
Increased institutional investor inflows into digital asset investment products signal bullish sentiment in altcoins, with Ethereum and Cardano expected to experience more price hikes as demand develops.