After months of downward pressure, Ethereum (ETH) may finally be poised for its next major move upward. The second-largest cryptocurrency by market capitalization appears set to benefit from several bullish trends – ranging from technical setups to improving institutional demand – that could propel it toward the psychologically significant $2,000 mark.
ETH has shown notable momentum over the past week, rallying from around $1,575 on April 22 to approximately $1,830 at the time of writing. This nearly 20% increase has rekindled bullish sentiment across the market.
Currently, the total net assets held in US ETH spot ETFs stand at $6.20 billion, representing approximately 2.87% of Ethereum’s total market cap. Meanwhile, cumulative net inflows into these ETFs have reached $2.47 billion – a clear sign of growing institutional interest.
Ethereum’s decentralized finance (DeFi) ecosystem is also seeing a resurgence. According to DefiLlama, the total value locked (TVL) in Ethereum-based DeFi platforms has jumped more than 10% since April 22, now sitting at $51.67 billion.
Sloppy price action. The fact that this deviated above resistance and is rejecting on increasing volume makes me think it will drop back to this support zone below.
