Ethereum price hit 15-week highs of $2,835 backed by a strong institutional appetite

The crypto coin had subsided to trade at $2,793 at the time of writing, supporting a cost basis analysis pointing to a potential weakening of momentum near the $2,800 level.

Ethereum price rose on Wednesday to hit 15-week highs of $2,835 as strong institutional appetite drove up the crypto coin’s value.

While the crypto coin had subsided slightly to trade at $2,793 at the time of writing, the price point still supports a cost basis analysis which points to a potential weakening of momentum near the $2,800 level.

The coin’s 24-hour trading volume was also up by 28%, signaling rising investor interest.

Additionally, ETH weekly active addresses hit new all-time highs of 17.4 million, adding credence to the upbeat view.

The stellar performance of the second-largest cryptocurrency comes amid a 7.78% rise in its price over the last seven days.

Its price upside is also supported by an uptick in open interest. According to Coinanalyze, ETH’s open interest rose by 8.77% in the last 24 hours, hitting $18.6 billion.

The rising investor confidence is also reflected in the ETF market, where the coin’s nine US-traded spot ETFs recorded $125 million worth of inflows on Tuesday-the largest inflows in a single day since February 4th.

Also, the number of ETH staked has risen to a record 38,824,598 coins, translating to reduced supply on exchanges, which could mean reduced sell-side pressures.

However, ETH could encounter headwinds in the near-term. According to blockchain data aggregation site, Glassnode, Ethereum price has entered a zone of investor concentration, with a substantial number of ETH coin holders set to break even at $2,800. That will likely increase selling pressure, which could limit the coin’s upside.