Similar to Bitcoin, Ethereum has bounced back from a key support level and could rally higher despite declining institutional support. Ethereum(ETH) is trading above $2,140 on Thursday, up by less than 1% in the last 24 hours. The broader market rally comes following positive developments in the US-Iran war. Momentum indicators for Ethereum are also improving, indicating that the buyers are slowly stepping in. However, institutional demand continues to decline, with Ethereum ETFs recording massive outflows on Wednesday. Institutional demand for Ethereum remains weak ETH is in the green as the broader crypto market recorded gains over the past 24 hours. The primary catalyst behind this performance was the positive event regarding the ongoing US-Iran war.
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