ETH holds above $2,600 after spot ETF demand ignites bullish breakout
Ether extended its rally Monday as institutional demand surged and exchange supply dropped to a multi-year low.
The asset climbed as high as $2,650.18 before easing to around $2,617, where it currently trades, according to CoinDesk Research's technical analysis data model.
Despite the minor retracement, ETH remains one of the best-performing major tokens this week, supported by $321 million in fresh inflows into ether-linked investment products. That’s the strongest weekly inflow figure since December, reflecting mounting investor confidence in ether's long-term value.
Analysts also highlight a drop in ETH held on centralized exchanges, which suggests a shift toward self-custody and accumulation.
Technical analysis highlights
- ETH logged a 24-hour range of $172.87 (6.97%), peaking at $2,650.18.
- Key resistance at $2,550 was breached with 288K ETH in trading volume.
- Current price action shows consolidation above $2,600 after a modest pullback.
- Support is forming around $2,610–$2,615, with bulls defending the $2,600 level.
- A sharp volume spike at 07:58 (see chart) coincided with a brief dip to $2,609.
- Overall trend remains bullish as higher lows continue to hold.
Author
CoinDesk Analysis Team
CoinDesk
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