Ethereum price jumped to a six-week high of $2,377 on Tuesday, fueled by heavy buying from institutional investors and consistent inflows into spot Ethereum ETFs.
Tom Lee’s treasury firm, BitMine, bought nearly 61,000 ETH over the past week. This lifts its total holdings to about 4.6 million ETH, roughly 3.8% of the total supply.
The rally also triggered a short squeeze. ETH broke past $2,300, forcing liquidations of bearish positions and adding momentum to the price climb.
Spot Ethereum ETFs in the U.S. have seen back-to-back inflows, totaling $248 million over a five-day streak. Retail and institutional interest combined has strengthened market confidence.
On the charts, ETH recently crossed both the 20-day and 50-day moving averages. Technical indicators suggest bulls are taking control, with a potential push toward the next resistance at $2,594.
If ETH holds above the 50-day SMA at $2,118, the market could test higher levels, possibly reaching the $3,000 psychological milestone. On the flip side, a drop below that support may invite short-term selling pressure.
Analysts say continued institutional accumulation, ETF inflows, and broader macroeconomic concerns are likely keeping Ethereum’s bullish momentum alive for now.
