Ethereum Price Rallies Above $2,140 Amid Fading Institutional Demand

Ethereum's price has been on the rise after recovering from a key support level, reaching above $2,140 in recent trading hours.

However, institutional demand for Ethereum continues to decline, with spot ETH ETFs recording an outflow of $28 million on Wednesday. This trend is concerning for investors who had hoped to see increased interest in the cryptocurrency.

Despite this, retail interest in Ethereum remains strong, with ETH futures open interest rising by roughly 500,000 units since Monday. This increase in open interest suggests that buyers are slowly stepping back into the market, but momentum indicators remain cautious.