ETH Surges 3.59% as Institutional Accumulation and ETF Developments Fuel Bullish Momentum

Ethereum (ETH/USDT) experienced a 3.59% price increase over the last 24 hours, rising from a 24h open of 2562.34 to a current price of 2654.30 on Binance. This upward movement is attributed to several factors: significant institutional accumulation, including Bit Digital and SharpLink Gaming expanding their ETH holdings, and notable on-chain activity such as a large withdrawal by Cumberland. Additionally, Ethereum has seen renewed interest from publicly traded companies and ETF-related developments, such as Truth Social's filing for a 'Crypto Blue Chip ETF' with planned ETH allocation, which has supported bullish sentiment. Strong trading volume, with 24-hour figures between $14.09 billion and $18.77 billion, and solid support at the $2,500–$2,525 level have contributed to the positive momentum. Ethereum currently trades at 2654.30 with a market capitalization near $319 billion, consolidating after recent gains and maintaining its position as the second-largest cryptocurrency by market cap.