$ETH Ethereum (ETH) is experiencing a significant bullish rally, trading at approximately $2,795, marking a 4.5% gain over the past 24 hours. The price has fluctuated between $2,674 and $2,821 during the day, indicating strong market momentum.
This surge is attributed to several factors:
Institutional Investment: Major financial institutions are increasing their exposure to Ethereum. Notably, BlackRock has purchased $80.6 million worth of ETH, and Fidelity's Ethereum ETF reported a daily net inflow of $26.3 million on June 11 .
Regulatory Developments: Positive remarks from the U.S. Securities and Exchange Commission (SEC) regarding decentralized finance (DeFi) platforms and Ethereum's proof-of-work mining have bolstered investor confidence .
Market Sentiment: Analysts are forecasting further upside, with some predicting Ethereum could reach $4,000 in the short term .
This combination of institutional support, favorable regulatory news, and positive market sentiment suggests a promising outlook for Ethereum in the near future.
