Ethereum Price Recovery Fueled by Institutional Buying

Ethereum's price has rebounded slightly to around $1,976 amid a broader crypto market slump. The recent recovery is largely attributed to increased institutional buying, with BitMine Immersion Technologies purchasing 10,000 ETH from Kraken on February 20.

Market experts point out that the ongoing macroeconomic uncertainty and cautious Federal Reserve policy are contributing to the current weakness in Ethereum's price. However, some analysts believe that institutional accumulation could anchor price support and potentially lead to a longer-term recovery.

The technical landscape of Ethereum is also playing a crucial role in determining its near-term direction. Resistance levels lie near $1,985 and $2,000, with a breakout above $2,050 potentially opening the path to higher prices. Conversely, a breach below $1,905 could expose ETH to further losses.