Ethereum has surged past the $2,700 mark for the first time since February, rising nearly 5% over the past 24 hours to currently trade around $2,736. This price increase extends Ethereum’s notable recovery with ETH now up by approximately 53% over the past month, significantly reversing its losses after a challenging first quarter in which prices fell by over 45%.
A key factor driving Ethereum’s recent upward move is growing institutional interest. Over the past month alone, U.S. spot Ethereum ETFs have experienced inflows totaling approximately $402 million. Leading the way is BlackRock’s Ethereum Trust, which attracted $53 million in the past 24 hours, bringing its cumulative inflows to $4.3 billion.
This heightened institutional attention is also reflected in calls from major industry figures for the strengthening of Ethereum ETFs through staking features. Recently, SEC Commissioner Hester Peirce clarified that Ethereum’s proof-of-stake mechanisms—such as node operation and validator functions—do not constitute securities, an important statement that could pave the way for greater adoption. Should staking proposals, like those from institutional players including 21Shares, receive regulatory approval, further significant funds may flow into Ethereum-based ETFs.
The institutional surge is further underscored by significant buying activity. Between May 7 and May 21, Abraxas Capital purchased over 350,000 ETH worth approximately $837 million. Additionally, the company recently moved around 185,000 ETH off of exchanges during Ethereum’s 44% price rally earlier in May, a clear indication of long-term holding intentions.
Earlier in April, prominent trading firm DRW notably invested $150 million into an Ethereum ETF, surpassing even its previous Bitcoin exposure. In another endorsement of Ethereum’s broader adoption, online gambling and gaming enterprise SharpLink Gaming managed to raise $425 million on May 27, anchored by investment support from blockchain technology firm ConsenSys. This move propelled SharpLink’s shares upward by 400%, accompanied by the addition of Ethereum co-founder Joseph Lubin to its board of directors.
On the technical side, Ethereum presently shows continuing bullish momentum on the daily chart, currently testing the upper limit of the Bollinger Bands. Crucially, the price remains above the 20-day simple moving average (SMA), currently resting around $2,573—a level which has proven vital in sustaining ETH’s recent upward trajectory. Ethereum has formed a rising wedge pattern which would typically suggest a continuation of its bullish momentum should the price successfully breach resistance near $2,800.
Most moving averages, including the 50-day and 100-day exponential moving averages, are signaling buy conditions. However, the Relative Strength Index (RSI), now at 71.5, indicates that Ethereum is nearing overbought levels. As ETH approaches the psychologically significant barriers of $2,800 and $3,000, the market may experience a brief correction or a consolidation period.
Should Ethereum fail to hold above the $2,700 mark, it might retest immediate support zones at around $2,650 or dip deeper towards the 20-day SMA at $2,573. Conversely, breaking confidently above the $2,800 resistance could propel prices toward the $2,900 range or higher, contingent upon sustained investor confidence and market momentum.
