ETH Surges 4% to $2,774 as Spot ETF Inflows and Layer 2 Growth Drive Institutional Demand

Ethereum (ETHUSDT) has experienced a 4.03% price increase over the last 24 hours, rising from a 24h open of 2666.71 to a current price of 2774.19 on Binance. This upward movement is primarily attributed to continued bullish sentiment following the approval and strong inflows into spot Ethereum ETFs, which have contributed to increased institutional participation and market confidence. Additional support comes from positive technical indicators, such as ETH/USDT breaking out from a descending channel with volume support, and robust fundamentals including the growth of Layer 2 solutions and the DeFi ecosystem. Over the past week, major holders have sold over 42,000 ETH, but the market has absorbed this supply amid heightened trading activity and positive net ETF inflows.

Currently, Ethereum is trading at approximately 2774.19 USDT with a 24-hour trading volume of over $30 billion, a market capitalization around $335 billion, and a circulating supply of about 120 million ETH, reflecting strong market activity and sustained upward momentum.