Ethereum (ETH) is currently trading at $2,518.88, up 5.36% over the past 24 hours, with a market cap of $290.46 billion. Recent news suggests that Ethereum could surpass key levels of $2,500 and $2,850 if the technical indicators on the weekly chart turn bullish.

The recent price increase is attributed to increased buying pressure from investors in the spot market, following a sharp decline in Ethereum reserves on exchanges. Original cryptocurrency investors are likely fueling the buying pressure, with Ethereum reserves on exchanges dropping by about 180,000 Ethereum units in the past 24 hours.

-Pectra Upgrade: The Pectra upgrade introduced features on the mainnet aimed at improving user experience, storage efficiency, and scalability.

-Market Sentiment: The weighted sentiment index for Ethereum rose to 5.2, its highest level since May 2024, indicating increased interest from original cryptocurrency investors.

-Institutions like Abraxas Capital have been accumulating Ethereum, withdrawing 138,511 Ethereum units from exchanges Binance and Kraken in the past two days.

To determine whether Ethereum will continue to rise, it is essential to monitor its technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), in addition to market sentiment and institutional investments.