Ethereum (ETH) Breaks Above $2,575 Resistance, Targeting the $2,650-$2,745 Range

This was followed by a decisive breakout during the early trading hours, supported by massive volume surges exceeding 550,000 ETH

The price of Ether (ETH) surged by 10% during the early Asian trading hours on Wednesday, continuing its recent rally.

The second-largest cryptocurrency broke above the key resistance zone of $2,530-$2,575 in decisive fashion, supported by massive volume surges exceeding 550,000 ETH. This breakout followed a period of consolidation and varied technical outlooks among analysts.

As the chart above shows, ETH is currently trading above $2,575, confirming a short-term trend reversal. The recent price action also coincides with a shift in institutional interest. Spot Ethereum ETFs have recorded a total of $248 million in net inflows over the past week, suggesting that larger investors are becoming increasingly bullish despite relatively subdued participation from retail traders.

This institutional interest is also evident in the large outflows from Bitcoin ETFs, which reported net outflows of $167 million for the week, likely due to many investors who bought BTC at the $2,800 level, which is now a critical resistance zone where we can expect to see many investors exiting at break-even.

However, with ETH breaking out of its recent consolidation pattern and the broader crypto market showing signs of strength, bulls are now targeting the $2650-$2745 range as the next significant hurdle.

This technical analysis was conducted according to CoinDesk's research model analysing CoinDesk Data