Ethereum Rebounds from $2,300 Support After $561M Outflow

Ethereum’s price continues to attract attention. Over the past 24 hours, ETH saw a 1.4% rise, moving from a key support level of $2,300 and priced at $2,411. This leaves many wondering: will Ethereum maintain this upward trend?

Current Ethereum Price Movements

Ethereum (ETH) is showing signs of recovery, moving within a triangular pattern. Recently, the ETH price rebounded from $2,332, an important level connected to the Fibonacci extension. If ETH continues to hold above this, it could reach $2,598, which aligns with the 0.618 daily Fibonacci Extension. The volume has surged by 67%, indicating growing interest in the market.

On the downside, if Ethereum fails to hold $2,300, it could drop to $2,100, a 12% decrease from the current price.

Institutional Activity: How Whales and ETFs Affect Ethereum Price

The Ethereum price faces challenges due to low institutional demand. US spot ETH ETFs reported an outflow of $560 million, mostly led by Grayscale’s ETHE. This reflects cautious behavior from big holders.

In addition, large whale wallets, including ones linked to the Chinese government, have begun selling $1.3 billion worth of ETH. This, along with other ETH news , could increase selling pressure and affect the ETH USD price.

Ethereum’s Network Growth and Long-Term Outlook

Despite some concerns, Ethereum’s fundamentals remain strong. The network has seen major upgrades, including Ethereum staking via the Beacon chain, with over 34.7 million ETH staked. This represents nearly 28.8% of the total ETH supply, strengthening Ethereum as a leading Layer 1 blockchain. Similarly positive developments have recently improved the outlook for one more major altcoin, Ripple (XRP).

In the DeFi space, Ethereum holds $44 billion in TVL and boasts a $84 billion stablecoin market cap. Key projects like Uniswap and OpenSea add to Ethereum’s dominance and show continued growth.

Beyond ETH: Why Minotaurus ($MTAUR) Is Catching ETH Holders’ Attention

As Ethereum enjoys a recent rebound, many crypto enthusiasts are betting big on it. While ETH shows promise, diversifying your holdings can be a smart move. A buzz on social media highlights Minotaurus ($MTAUR) as a favorite among ETH holders, making it an exciting alternative to consider. 

Already hitting the $100K mark in its presale, it still offers an affordable entry for potential buyers. That is, you can get tokens at $0.00005964 — a 70% reduction from the listing price. Minotaurus ($MTAUR) stands out from other ICOs with real in-game utility. Industry experts and thought leaders believe that Minotaurus is more than just hype — it’s built for the long haul.  

On top of that, Minotaurus recently announced a $100,000 giveaway for presale buyers. With 100 winners and a top prize of $50,000, the odds are looking good! Referral and vesting programs for holders also show that Minotaurus puts the community first. 

So, why wait? The early bird advantage looks obvious, so it’s best to explore Minotaurus ($MTAUR) now, while presale still lasts!

Conclusion

The Ethereum market shows resilience despite significant institutional outflows and whale activity. While the support level at $2,300 remains crucial, the price’s ability to rebound signals a strong underlying demand. If Ethereum maintains its current course and breaks past $2,598, it could continue its upward momentum. However, holders should keep an eye on external factors.

If you’re looking to ride the Ethereum wave with confidence, adding Minotaurus ($MTAUR) to your asset lineup could be a smart move. This token is packed with potential, offering low entry costs and a thrilling chance for some serious upside. But hurry — the presale token pool is getting smaller by the minute.