Ether has sustained its rally as institutional interest increased, pushing the price to a high of $2,650.18 before settling around $2,617. According to CoinDesk Research data, this rise is accompanied by significant trading volume and a bullish trend in the crypto market.

Key Points:

• ETH climbed from $2,478 to $2,651 before stabilizing.
• Spot Ether ETFs experienced a remarkable $321 million influx last week, the largest this year.
• Currently, exchange balances are at their lowest in seven years, indicating a shift towards long-term holding.

Despite a slight drop, ETH continues to perform strongly compared to other major cryptocurrencies this week, bolstered by fresh investments and a drop in available supply on exchanges. This suggests a growing confidence among investors regarding the long-term value of Ether.

Technical Insights:

• 24-hour range: $172.87 (6.97%), reaching a peak at $2,650.18.
• Resistance surpassed at $2,550, with significant trading volume measured at 288,000 ETH.
• Support levels are forming near $2,610, with the price action indicating a strong bullish sentiment.

The overall consensus remains optimistic as ETH shows resilience in the face of market fluctuations.