Zinger Key Points
- A London-based asset management firm has accumulated $561 million worth of Ethereum over the past week.
- A key crypto trader sees more upside potential, identifying $3,100 as resistance and $2,233 as major support.
- Get the Strategy to Trade Pre-Fed Setups and Post-Fed Swings—Live With Chris Capre on Wednesday, June 11.
Ethereum ETH/USD has surged 42% over the past seven days, driven by the announcement of the Pectra upgrade, a pivotal step in Ethereum's network evolution, and heavy institutional accumulation.
Cryptocurrency | Price | 24-Hour Trend | 7-Day Trend |
Ethereum ETH/USD | $2,628.60 | +4.5% | +42% |
Bitcoin BTC/USD | $104,057.12 | +0.23% | +7.3% |
XRP XRP/USD | $2.61 | +3% | +22.2% |
London-based asset management firm Abraxas Capital has acquired 242,652 ETH, valued at approximately $561 million, over the past week.
With institutional interest rising and Ethereum's fundamentals strengthening, the path forward may hinge on whether ETH can sustain momentum above the current range.
Trader Notes: Crypto chart analyst Ali Martinez identifies $3,100 as Ethereum’s key resistance, with major support around $2,233, based on current pricing bands.
Michael van de Poppe noted Ethereum having rallied 40% against Bitcoin from its recent lows, a significant shift in market sentiment that signals a return of altcoin appetite.
The ETH/BTC strength marks a potential trend reversal in the broader crypto cycle.
While further upside remains possible, Poppe cautions that a 20–30% correction would be a healthy structural move, offering potential buy-the-dip opportunities for long-term ETH accumulation.
Galaxy emphasized that Ethereum has been in a four-year consolidation following a 48x rally off the 2020 lows, calling this period "healthy." He hinted: "The longer the consolidation… the bigger the expansion."
Statistics: OKX Partner Ted Pillows reported that ETH ETF inflows hit $13.5 million and noted that "when the real money flows in, this rally could be epic."
IntoTheBlock data shows Ethereum's large transaction volume and daily active addresses have increased 3.6% and 3.7%, respectively, in a single day.
With recent price gains, 62% Ethereum holders are in profit, while 6% are at breakeven.
Coinglass data shows Ethereum open interest spiking by around 14% in a single day, pushing it to highs last seen early February.
ETH derivatives trading volume is up by 37.6%. Recent liquidations have been dominated by shorts, suggesting aggressive short covering amid the rally.
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