Ethereum price has risen by 46% in the last 30 days. Analysts expect a breakout of the exchange rate coins. The reasons are cited as stable demand for spot ETFs and the stability of the market structure.
At the time of writing, the cryptocurrency is trading at $2,630.
MN Trading founder Michael van de Poppe said Ethereum is "poised to make significant gains."
The key support is around $2,400. The resistance zone is between $2,680 and $2,850. According to him, the maximum price of coins by the New Year should overcome this level.
Rekt Capital analyst noted that Ethereum is trying to secure $2,500 as support.
Ethereum is trying to regain support at $2,500 and consolidate it as a new low in the $2,500-$4,000 macro range.
If successful, Ethereum could rise to new all-time highs.
The Crypto Eagles analyst believes that the price of Ether is repeating the complex structure of 2016-2017. In his opinion, the asset will “easily break the $6,000 mark.”
The ETH/BTC pair is trading around 0.02499. This is 41.5% higher than the multi-year low of 0.01766 reached on April 22.
Institutional investors have been favoring Ethereum in recent days, with US spot Ethereum ETFs recording net inflows for 12 straight days.
According to CoinShares, crypto investment funds received $286 million in inflows from May 24 to May 30, thanks to an influx of $321.4 million in Ethereum-based instruments.#MyCOSTrade
