"ETHMARKETWATCH: Ethereum Approaches $2,700 Amid Bullish Momentum"
Ethereum ($ETH ) is currently trading at $2,670.94, reflecting a 0.07% increase over the past 24 hours. The price has fluctuated between an intraday low of $2,634.06 and a high of $2,721.12.
Key factors influencing this upward trend include:
Institutional Inflows: Ethereum investment products have seen significant inflows, indicating growing institutional interest.
Supply on Exchanges: Less than 5% of Ethereum is held on centralized exchanges, the lowest in over a decade, suggesting a bullish sentiment among holders.
Upcoming Protocol Upgrades: Anticipation around Ethereum's protocol upgrades is contributing to positive market sentiment.
With Ethereum consolidating above $2,675 and approaching the 100-hourly SMA, traders are watching closely for a potential breakout.
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