#CryptoComeback

Ethereum Surges Past $2,200, Igniting Fresh Institutional Buying Wave

Ethereum ($ETH ) has experienced a significant rally in the last 24 hours, with its price jumping by a massive 16% to break past the $2,200 level. This strong reversal on May 9th has been accompanied by a 15% increase in daily trading volumes, now exceeding $37 billion, signaling renewed vigor in the market for the leading altcoin and notably reigniting institutional interest.

A key indicator of this institutional appetite comes from World Liberty Financial, a DeFi project linked to Donald Trump. Earlier today, the project reportedly acquired an additional 1,587 ETH, worth approximately $3.5 million, according to data from Arkham Intelligence. This purchase is part of a consistent accumulation strategy observed over the past few months, with project lead Eric Trump having previously shared a bullish outlook for Ethereum. Such activity suggests that influential market participants may perceive a bottom formation for ETH and anticipate considerable upside potential.  

Further evidence of institutional players stepping in includes significant activity from Abraxas Capital. The prominent investment firm withdrew a substantial 49,644 ETH, valued at around $92 million, from major exchanges Binance and Kraken over the past day a move often interpreted as a bullish sign of intent to hold. This renewed institutional confidence follows a period where ETH corrected by over 40% since the start of 2024, before making a sharp and decisive bounce back from below the $1,800 mark.