Ethereum Surges Past $4,400 as Institutions Pour In $80M in Three Days
Ethereum (ETH) has witnessed a surge in institutional demand, with spot ETFs seeing over $80 million in net inflows over three consecutive days. This comes as the cryptocurrency breaks above key resistance levels, fueling optimism among investors despite a minor pullback.
The break above $4,400 has bolstered investors' confidence, with Ethereum's price moving away from its 30-day moving average around $4,380. This rally has been accompanied by a sharp increase in trading volumes, with spot volume surging to $7.17 billion and futures trading jumping to $97.3 billion. Open interest has also risen nearly 2% to $59 billion, indicating increased institutional participation.
Notable investors have been building their Ethereum portfolios. BitMine Immersion Technologies, for instance, has added 179,251 ETH recently, bringing its total holdings to over 2.83 million ETH. Meanwhile, Arthur Hayes, BitMEX co-founder, has increased his personal ETH holdings to over $30 million, purchasing 113.7 ETH recently. These developments suggest that institutions and traders are willing to make significant bets on Ethereum's rally, dubbed 'Uptober'.
Ethereum's recent price action signals a technical breakout, with the cryptocurrency now challenging higher resistance levels near $4,600. If the rally continues, driven by sustained ETF inflows and stable risk appetite, the $5,000 milestone could be back in reach. With its market cap now at $531 billion, Ethereum's bullish outlook is supported by growing institutional demand and positive market sentiment.
