Ethereum price rose to an intraday high of $2,375 on Friday as the Ethereum ETF continued to receive steady interest from institutional investors.
According to data from crypto.news, Ethereum ($ETH) price was trading at $2,375 at last check on Friday, April 17th. The market’s largest altcoin is up 1% in the past 24 hours and more than 7% in the past 7 days.
Ethereum price has risen as institutional investors continue to show steady demand for the token.
Ten U.S. spot Ethereum ETFs, led by BlackRock’s ETHA, recorded net inflows of $18 million on April 16, according to data from SoSoValue.
Notably, these institutional products saw inflows for six consecutive business days, raising nearly $300 million in the same period.
The flow is slower than at the start of the year, when these products saw more than $100 million a day in inflows, but it suggests institutional investors are starting to accumulate assets with new confidence.
Ethereum ETFs could benefit investor sentiment as reports suggest that the United States and Iran may soon end their ongoing conflict, with money flowing back into riskier assets.
Meanwhile, Ethereum treasury company Bimine has also been actively increasing its holdings, with its latest purchase completed on Monday, April 13th. Currently, the company holds about 4% of total circulating supply, and is very close to its goal of holding at least 5%.
Meanwhile, Chairman Tom Lee pointed out that Ethereum is very close to emerging from the long crypto winter after recently forming a solid bottom.
This is fueling bullish expectations across the market as whale supplies remain secure for the long term.
On the daily chart, Ethereum price is close to breaking the $2,400 horizontal resistance, a level that was previously under heavy selling pressure.
The 50-day SMA is nearing a bullish crossover with the 100-day SMA, indicating that medium-term momentum is shifting in favor of buying.
Additionally, the MACD line is trending upwards. This means that the bullish trend is strengthening and the volume is supporting the current price movement.
Therefore, we expect Ethereum price to break above $2,400 soon and potentially move towards the next major resistance target at $2,600. However, if the token price falls below $2,200, the current bullish setup could be invalidated and lead to a retest of the lower support level around $2,000.
