Ethereum (ETH) Breaks Through $2550 Resistance Amid Institutional Confidence; Next Key Level is $2800
Summary
- Ethereum (ETH) has recently shown a strong upward trend, breaking through the $2550 resistance level, buoyed by the regained confidence of institutional investors.
- CoinDesk analyzed that the increase in ETH trading volume supports the upward trend, and the inflow of funds into ETFs is heightening institutional bullish sentiment.
- $2800 is the average purchase price for many investors in the past, and ETH is expected to face strong selling pressure at this level.
Ethereum (ETH) has been showing a strong upward trend recently, buoyed by the regained confidence of institutional investors in the cryptocurrency market.
According to cryptocurrency-focused media outlet CoinDesk on the 26th (local time), ETH surged over 5% within 24 hours, breaking through the major resistance level of $2550.
The outlet analyzed that "ETH has formed a strong support line at $2550, with trading volume exceeding the average, supporting the upward trend."
In particular, over 178,000 transactions occurred, leading to a short-term peak of $2597.
The continuous inflow into ETH spot ETFs for two consecutive days is also heightening bullish sentiment among institutional funds.
Regarding this, the outlet added, "Despite market volatility, institutional confidence in ETH remains firm," and "the next major resistance level is $2800, where strong selling pressure is expected as it is the average price range where many investors have previously bought."
Meanwhile, ETH is trading at $2567.49, up 2.19% from the previous day, based on the Binance Tether (USDT) market as of 01:01 on the 27th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
