Here’s Why Ethereum Price Is On The Rise Today

Ethereum price has continued to stay in the green, defying the broader crypto market trend today. Notably, all the top cryptocurrencies, including Bitcoin, have recorded slight pullbacks on Wednesday.

Despite that, it appears that investors are shifting their focus towards ETH as speculation mounts over a potential altcoin season in the market.

Why Is Ethereum Price Climbing Today?

ETH price today jumped nearly 2% and exchanged hands at $2,650 while writing, and its one-day volume jumped 30% to $22 billion. On the weekly chart, the asset has added around 4% while witnessing a monthly surge of over 46%.

The current surge indicates that the investors have shifted focus from the flagship BTC towards the second-largest crypto in the space.

Meanwhile, recent data indicates that the fresh players, as well as whales, are putting heavy bets on ETH price, signaling their confidence in the asset. Besides, the institutional interest is also high in the crypto.

So, here we explore the key reasons that might have triggered the recent surge in Ethereum price today.

Ethereum Price Soars Amid Bets From Fresh Wallets

Ethereum price soars as the latest on-chain transactions showed that new investors are putting their bets into the asset. Spot On Chain reported that six newly created wallets or “Fresh wallets” bagged 9,230 ETH recently from major crypto exchanges like OKX and Kraken.

The overall transactions were valued at around $24.55 million at an average purchase price of $2,660.

This massive accumulation of fresh wallets suggests growing confidence in Ether’s potential. As new capital enters the Ethereum market, it is expected to drive the prices higher in the coming days.

Meanwhile, apart from the newly created wallets, the whales are also actively accumulating the crypto. In a recent X post, renowned analyst Ali Martinez highlighted the trend. According to Martinez, the whales have bagged more than 1 million ETH last month.

Ethereum ETF Inflow Signals Growing Institutional Interest

The Ethereum ETF has continued to record an influx over the past few days. On Tuesday, May 27, the overall US ETH ETF inflow was recorded at $38.8 million, with BlackRock’s ETHA providing the highest boost with $32.5 million, Farside Investors’ data showed.

Last week, the overall inflow was $248.2 million. This consecutive inflow into the investment instrument from May 16 indicates that the institutions have shifted focus towards ETH alongside Bitcoin.

Altcoin Rally Hopes Fuel Optimism

Another possible reason behind the Ethereum price surge could be the recent event of Bitcoin price hitting a new all-time high. As the broader digital assets market often follows Bitcoin’s path, speculations over a potential altcoin season have also soared.

Meanwhile, analyst Moustache has revealed a crucial update on the development, which has gained notable traction from the market participants. The expert noted that ETH has reclaimed the midline in the 2W Gaussian Channel. Historical data showed that this technical indicator often precedes strong rallies in the altcoin market.

Moustache has also cited examples from 2021 and 2024 market performance and said that this development signals the start of an altseason.

Can ETH Price Hit A New Yearly High?

The recent surge in Ethereum price has fueled speculations that the crypto could hit a new high anytime soon. Besides, the CoinGlass data showed that the ETH Futures Open Interest soared more than 7%, indicating strong market confidence in the asset.

Amid this, market analyst Michael van de Poppe has highlighted key price levels to watch ahead for the crypto. Sharing an ETH price chart, the expert said that Ethereum is gearing up for a “big breakout” ahead.

However, he noted that ETH must clear the resistance at $2,700 and $2,900 to hit a “new high of the year.” Having said that, the investors are keeping close track of the recent price actions of the crypto for cues on the potential future movements.

The post Here’s Why Ethereum Price Is On The Rise Today appeared first on The Coin Republic.