Ethereum Price Hits Resistance at $2,375 Amid Institutional Demand

Ethereum's price has seen a significant surge in the last 24 hours, reaching $2,337 and outperforming the broader market. This increase is attributed to the growing demand from institutional investors through spot ETFs and aggressive buying from whale wallets.

The ETH price has been approaching a key resistance zone at $2,375, where it has been rejected multiple times in the past. According to a 4-hour chart shared by crypto analyst Ali Martinez, this region represents a strong resistance point for Ethereum. The recent breakout from the $2,300 range pushed the ETH price straight into this resistance zone without much consolidation.

As long as the higher lows structure remains intact and the lower boundary of the channel near $2,250-$2,280 is defended, the short-term structure of Ethereum's price remains bullish despite the resistance overhead. The entry queue for Ethereum's staking system is also larger than the exit queue, indicating that people are rotating into the asset rather than running away from it.

The next few candles around $2,400 will determine whether Ethereum continues to push towards this region or takes a breather. If the ETH price closes strong above $2,400, it could potentially blow past the resistance zone and target higher levels. However, if the price is rejected at $2,375, it may pull back to the channel bottom at $2,250.