Institutional investor demand could push ETHUSD to 3,000

The ETHUSD price has been rising in recent days. Wednesday's opening price was 2,738.11. The main driver behind this move is growing institutional demand for Ethereum.

Microsoft and Visa announced Ethereum integrations into their platforms, while SharpLink Gaming Inc purchased over 7,000 ETH, which significantly boosted demand for Ethereum in the decentralized finance (DeFi) and NFT sectors. This also reduced price reliance on speculation and strengthened the asset's fundamental stability.

Economic conditions shape investor sentiment. Renewed risk appetite is boosting crypto activity, with ETH gaining particular attention due to its DeFi role, making it increasingly attractive for portfolio diversification.

Financial metrics also show positive trends. ETH's market cap has hit $30 billion and keeps growing, while trading volumes remain strong. This reflects high interest in the asset and its potential for further gains. Additionally, rising active addresses and increased transaction volume confirm robust network usage.

The market is exhibiting bullish momentum, as confirmed by technical indicators on the daily chart. The moving averages (EMA (20) and EMA (50)) remain uncrossed, with the shorter-term EMA positioned above the longer-term EMA, a clear indication of sustained upward trend. Both EMAs continue their upward trajectory, reinforcing the potential for further price appreciation. While the Stochastic Oscillator currently sits in neutral territory, yesterday's bullish crossover (where the %K line crossed above the %D line from below) may be interpreted as a buy signal, suggesting the possible beginning of a new upward price impulse.

As ETHUSD approaches the key 2,900 resistance level, it may face selling pressure and pull back. However, if the price manages to hold above this level, the cryptocurrency could rally toward 3,000.

Current recommendation:

Buy ETHUSD at the current price. Take profit — 3,000. Stop loss — 2,600.