Ethereum News Today: Ethereum Surges 12.06% to $3,403.95 on Bullish Sentiment and Institutional Inflows

Ethereum, the second-largest cryptocurrency by market capitalization, has recently surged past the $3,400 mark, marking a significant bullish run. This breakout is fueled by multiple technical indicators and a clear outperformance against Bitcoin. The cryptocurrency has surpassed $3,280, escaping a four-year channel that had previously capped prices below the 2021 peak. This movement is supported by continuous ETF purchases averaging significant amounts daily, reinforcing the bullish sentiment.

The bullish outlook for Ethereum is further bolstered by on-chain metrics and institutional inflows. A breakout from the current pattern could propel Ethereum to targets ranging from $3,400 to $5,000 by the end of the year. This optimistic forecast is supported by the fact that 45% of Ethereum's open interest on the July 18 expiry is concentrated on the $3,400 strike, indicating strong bullish sentiment among traders.

The Crypto Fear & Greed Index also reflects a bullish mood, with a daily reading of 73 points, slightly below the overall stock market's mood. This index, which measures the sentiment of the cryptocurrency market, suggests that investors are optimistic about Ethereum's future performance. The recent surge in Ethereum's price is a testament to this bullish sentiment, with the cryptocurrency reflecting a notable 12.06% increase in just 24 hours, currently trading at 3,403.95 USDT.

Institutional investors have been stocking up on Ethereum, further fueling the bullish run. The continuous ETF purchases and the supply shock caused by staking have contributed to the price surge. The bullish sentiment is even more pronounced among traders, with key resistance levels at $3,300 and $3,400 being targeted. This breakout is a significant milestone for Ethereum, as it has been consolidating around the resistance for some time. The prices are firmly above the Ichimoku cloud on the daily chart and short-term SMAs, indicating a strong bullish trend.

The recent surge in Ethereum's price is a result of multiple factors, including technical breakouts, institutional inflows, and bullish sentiment among traders. The cryptocurrency has surpassed key resistance levels and is on track to reach new highs by the end of the year. The bullish outlook for Ethereum is supported by on-chain metrics and the Crypto Fear & Greed Index, which reflects a bullish mood in the cryptocurrency market. The recent surge in Ethereum's price is a testament to the bullish sentiment and the strong technical indicators supporting the cryptocurrency.