- Ethereum price momentum has defied a broader market decline and the coin's exploits have brought $2,700 near-term support in reach.
Ethereum price recorded the third successive daily gain on Tuesday, securing the $2,600 support level. ETHUSD was up by 1.4%, trading at $2,645 as of this writing. The move brought its weekly gains to 3%, amid a strong performance in the ETF market. ETH has defied a broader market downturn in recent days, staying on the upward trajectory amid a rise in risk aversion fueled by renewed trade tariff uncertainty.
ETH Outperforms Bitcoin
The altcoin has overshadowed market bellwether, Bitcoin in the ETF market in recent days, building a strong bullish sentiment in the process. While BTC spot ETFs are on a streak of three successive net negative outflows, ETH spot ETFs are on a twelve session winning streak. While ETH registered +$78.2 million, +$70.2 million and +$91.90 million inflows in the last three sessions, Bitcoin’s stood at -$267.5 million, -$616.10 million and -$346.8 million in the same period. As things stand, institutional investors are inclined to keep investing in ETH.
Meanwhile, Ethereum’s open interest rose by 6.7% in the last 24 hours, hitting $66.2 billion. In addition, the coin’s trading volume rose by 25% during that time, hinting at rising investor confidence in the coin’s performance, which favours continued gains by Ethereum price. Looking ahead, ETH price will likely stay on the upward trajectory in the near term if it stays above $2,600 psychological support mark.
Ethereum Price Prediction
The momentum on Ethereum price calls for further upside above $2,600. The coin will likely meet the first barrier at $2,670. Breaking above that level will signal a stronger momentum that could extend gains to test $2,740.
Alternatively, ETH price could break below $2,600 and invite sellers to take control. That will likely see the first support come at $2,542. The upside narrative will be invalid if action breaks below that level. In addition, an extended control by the sellers could send the price lower to test $2,466.
