Ether extended his rally on Monday as institutional demand increased and the exchange supply fell to a minimum of several years.
The asset rose up to $ 2,650.18 before relieving around $ 2,617, where it currently quotes, according to the technical analysis data model of Coindesk Research.
Despite the minor setback, ETH remains one of the best performance tokens of this week, backed for $ 321 million in new entries in investment products united to Ether. That is the strongest weekly entry figure since December, which reflects the growing confidence of investors in Ether’s long -term value.
Analysts also highlight a drop in ETH in centralized exchanges, which suggests a change towards self -opposition and accumulation.
TECHNICAL ANALYSIS
- ETH recorded a 24 -hour range of $ 172.87 (6.97%), reaching its maximum point at $ 2,650.18.
- The key resistance to $ 2,550 was violated with 288k ETH in negotiation volume.
- The current price action shows consolidation above $ 2,600 after a modest setback.
- The support is forming around $ 2,610– $ 2,615, with Bulls defending the level of $ 2,600.
- A acute volume peak at 07:58 (see chart) coincided with a brief fall at $ 2,609.
- The general trend remains optimistic as the highest minimums continue to hold.
