ETH price jumped 7% to hit a 24-hour high of $2,446, but analysts predict a further leg up to previous resistance at $2,750.
Ethereum price recovered by more than 9% after US President Donald Trump shared a ceasefire between Iran and Israel.
Meanwhile, institutional buying has remained strong as evidenced by the inflows to spot Ethereum ETFs.
Spot Ethereum ETFs in the U.S. saw $100.7 million in net inflow, according to Farside Investors’ data on June 24.
BlackRock’s ETHA witnessed $25.7 million in inflows. And Fidelity’s FETH saw $60.5 million in inflow on Monday despite geopolitical tensions in the Middle East.
Moreover, CoinShares also reported Ethereum (ETH) buying by institutional investors for the 9th consecutive week, with $124 million in inflows. According to the report, this marked the longest run of inflows since mid-2021.
Meanwhile, several companies have announced an Ethereum treasury reserve strategy, adding ETH to their corporate treasuries. This includes SharpLink Gaming and Vault Ventures.
Blockchain software company ConsenSys, founded by Ethereum co-founder Joseph Lubin, continued its ETH accumulation strategy.
In an X post on June 24, Lookonchain reported that a wallet likely linked to ConsenSys purchased another 3,704 ETH worth $8.91 million.
The trade was conducted again through Galaxy Digital’s over-the-counter (OTC) trading desk. Notably, the wallet 0xCd9…F5F75 purchased a total of 161,112 ETH through Galaxy Digital OTC in the past 3 weeks. It is valued at almost $422 million.
Arkham Intelligence showed that the wallet made frequent transfers to 0x0b2…83E57 wallet, which primarily holds Liquid Staked ETH (LsETH) over $187 million. However, it is unclear if the wallets are associated with ConsenSys.
Last week, Lubin said Ethereum was becoming a “global trust layer,” powering applications and infrastructure beyond the scope of conventional finance.
He pointed to Ethereum’s deep decentralization and versatile utility as key factors driving demand. From staking and smart contract execution to decentralized identity and collateralized lending, Ethereum plays a major role in multiple layers of the evolving digital economy.
As The Coin Republic reported recently, the Ethereum Fusaka upgrade stands as the next key improvement for the network.
Following intense discussions on the All Core Developers Execution Call #214, the developers confirmed the inclusion of 12 Ethereum Improvement Proposals (EIPs).
ETH price jumped more than 7% in the past 24 hours. The price was trading at $2,417 at the time of writing. The 24-hour low and high were $2,191 and $2,446, respectively.
Furthermore, the trading volume has increased by 12% in the last 24 hours, indicating a slight rise in interest among traders.
Notable analyst Crypto Tony said Ethereum is “holding long and strong right now.” However, the price still needs to hold above the $2,500 psychological level to confirm further rally.
Ethereum price saw a major bounce back from sweeping all the liquidity that was built up over the past couple of weeks.
Analysts are bullish on a recovery to $2,750 resistance, suggesting that a breakout of this level could trigger a rally to $3,000 and above.
CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total ETH futures open interest jumped 6% to $31.22 billion in the last 24 hours.
ETH futures OI on CME and Binance climbed more than 15% and 5%, respectively. This signals bullish sentiment among derivatives traders.
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