Ethereum (ETH) Bulls Must Reclaim $2.8K as 150,000 ETH Transferred to Exchanges

Ethereum is rising, adding a decent 5% on the last day and nearly 10% over the past trading week, according to CoinMarketCap data.

Cryptocurrency prices have been on a rollercoaster ride in recent months, and Ethereum (ETH) has been no exception. After a strong start to the year, ETH prices began to decline in April, reaching a low of around $2,400 in June. However, ETH prices have since rebounded, adding a decent 5% on the last day and nearly 10% over the past trading week.

As of September 20, ETH prices were trading at around $2,800, up over 15% from the lows set earlier this year. This recent strength in ETH prices comes as a bit of a surprise, especially considering the broader weakness in crypto prices. However, several factors could be contributing to this recent bullishness in ETH.

One factor that may be driving up ETH prices is the recent launch of the Ethereum 2.0 Merge. This highly anticipated upgrade has been in the works for several years and will finally merge the Ethereum mainnet with the Beacon Chain, completing the network's transition to a proof-of-stake consensus mechanism.

The Merge is expected to bring several benefits to the Ethereum network, including increased scalability, security, and energy efficiency. It is also expected to pave the way for future upgrades, which will further enhance the network's capabilities.

Another factor that may be contributing to this recent strength in ETH prices is the increasing institutional adoption of cryptocurrency. In recent months, several major institutions have announced plans to launch new crypto products and services. This includes several banks and asset managers, which are preparing to launch new crypto funds.

This increasing institutional interest in crypto is helping to drive up prices, especially for major cryptocurrencies like ETH. As more institutions enter the crypto space, we can expect to see this trend continue in the coming months.

Finally, this recent strength in ETH prices may also be due to the broader technical setup. After breaking above the local resistance– now support– at around $2,400, ETH prices have been making higher highs and higher lows, indicating a bullish trend. This recent breakout is also supported by increasing volume, which further adds to the strength of this move.

Overall, ETH prices are showing relative strength, especially compared to other cryptocurrencies in the top 10. This recent breakout is a positive sign for ETH bulls, especially if prices can continue to hold above the key support levels.

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