Ethereum price gained for the third session in a row on Monday as the broader crypto market resurged on renewed optimism following US President Donald Trump’s suspension of 50% trade tariffs against the European Union. ETH was at +0.51% at the time of writing, trading at $2,565. Based on the current sentiment, reclaiming the $2,600 support seems imminent, which could catalyse a stronger upward momentum.
About $14.3 billion worth of Ether was traded in the last 24 hours, with the trading volume up by 9.7% in that time frame. That signals a growing appetite to own the coin, which will add propulsion to ETH price. However, on the downside, Glassnode data shows that many ETH holders could be tempted to sell if the coin hits $2,800. At that point, most of them will have met their cost basis, making a strong proposition to limit risk.
Ethereum cost basis distribution. Source: Glassnode
The case for Ethereum price upside is also supported by strong institutional demand evidenced by strong ETF performance. According to Coinglass data, Ethereum spot ETFs registered net positive inflows in nine of the last ten sessions. In addition, DeFiLlama data shows that Ethereum chain’s performance in the DeFi market has been growing steadily, with its Total Value Locked (TVL) up by 4.56% in the last seven days to hit $62.871 billion. That signals growing demand and utility for ETH.
Ethereum Price Prediction
Ethereum price momentum favours it to stay on the upward trajectory above $2,560. With the buyers in control, the first barrier will likely be at $2,582. However, a stronger momentum will break above that level and potentially send the price to test $2,600.
On the other hand, breaking below $2,560 will shift the momentum to the downside. With that, the coin will likely go lower to find the first support at $2,540. An extended control by the sellers will break below that level and send the ETHUSD pair to test $2,522.
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