Ethereum Floats Higher, Institutions Stacking ETH: When Will Bulls Break $2,800?

Dalmas Ngetich•Monday, September 30, 2024•2 min read

Ethereum, following Bitcoin and other top altcoins, is firm at press time. After days of lower lows, the recovery in September is impressive. Still, it remains to be seen whether buyers have what it takes to breach $2,800, confirming the gains of last week. For the uptrend to continue, the leg up must be with rising trading volume, affirming the presence of buyers. This development will affirm the broader shift in market sentiment that may build a strong base for even more gains in Q4 2024. Already, there are net inflows to spot ETFs, a signal that institutions may be turning risk-on.

Traders are confident of what lies ahead. Still, Ethereum is flat when writing, looking at the performance over the last day and week. Even though the coin is higher, the average trading volume is also low, at around $13 billion. If anything, traders should be on the sidelines, waiting for a clean trend definition.

Ethereum Daily Chart for September 30

Holders are closely monitoring the following trending Ethereum news:

Although ETH prices are firm, an ICO participant is actively sending coins to Kraken. The address bought each coin for $0.31 and has since sent over 12,000 ETH worth over $31 million for possible liquidation.
Spot Ethereum ETFs continue to see institutional demand. As of September 27, trackers show investors bought $58 million worth of shares directly backed by ETH. This positive net flow is despite massive outflows from Grayscale’s ETHE.