Ethereum's price has been affected by the ongoing tensions between the United States and Iran, but has managed to bounce back from a key support level.
The broader market rally, which was sparked by President Trump's announcement regarding the US-Iran war negotiations, has contributed to Ethereum's price increase. The cryptocurrency is now trading above $2,140, up less than 1% in the last 24 hours.
However, despite this positive development, institutional demand for Ethereum continues to decline. According to CoinGlass data, spot Ethereum ETFs recorded an outflow of $28 million on Wednesday, marking eight consecutive days of negative flows.