Uncovering the Three Factors Driving ETH's Ascend Above $2.6K

The second-largest cryptocurrency, Ethereum (ETH), has recently surpassed the $2,600 mark, due to three key factors. Firstly, there has been a continuous inflow of investments into Ether-focused exchange-traded funds (ETFs) from big issuers like BlackRock and Fidelity.

Secondly, there's a growing trend of businesses, such as BioNexus Gene Labs and SharpLink Gaming, establishing an ETH treasury, creating a steady demand for the asset. Lastly, a decline in the amount of ETH held in centralized exchanges suggests that many holders intend to maintain their positions long-term.

Despite struggling market metrics and a current valuation of around $2,650, Ethereum's price stabilization could potentially become a support level for the digital asset, allowing it to reclaim higher price levels and possibly reach its all-time high.