Ethereum Price Breaks Above Multi-Week Downtrend, Targets $1,850

Ethereum's price has bounced back from its recent low of $1,704 and reclaimed a key resistance zone around $1,733. The altcoin's recovery was fueled by improving macro sentiment, increased institutional accumulation, and a technical breakout above a multi-week downtrend.

The improved market sentiment can be attributed to several factors, including the decline in oil prices below $76 per barrel on June 22. This move reduced pressure on inflation expectations and supported demand for risk assets, including cryptocurrencies.

Additionally, institutional interest in Ethereum has strengthened over the weekend, with reports that major financial firms are advancing plans for spot Ethereum investment products. On-chain activity also pointed to fresh whale accumulation, with a newly created wallet withdrawing $14.4 million worth of ETH and $7.3 million worth of HYPE from FalconX, deploying a combined $21.7 million into crypto assets.