Ethereum Price Rises: Key Drivers Behind ETH Growth

ETH Extends Gains for Second Consecutive Month

Since the beginning of April, ETH has risen by 14.7%. This is the second consecutive month of growth.

Recall that in March, the price of Ethereum increased by 7.1%.

Geopolitical Factors Impact Crypto Markets

A number of experts note that the price of Ethereum, like the prices of many other assets, is reacting to the situation in the Middle East.

For instance, on Friday, April 17, amid news of the unblocking of the Strait of Hormuz, the price of ETH rose by nearly 3%.

At the end of this week, growth is also being observed against the backdrop of no resumption of hostilities.

At the same time, there are other factors that may also be having an influence.

Vitalik Buterin Outlines Ethereum’s Future

For example, on April 20, Ethereum co-founder V. Buterin delivered a speech on the Future direction of the Ethereum protocol development and presented a vision for the next five years.

Buterin stated that the goal is not to compete with trading platforms, but to create a global common layer that ensures user sovereignty, security, and verifiability (a global “world computer”).

A well-thought-out long-term roadmap could have a positive effect on the token’s price.

ETF Inflows Signal Renewed Institutional Demand

Demand in ETF funds for Ethereum has resumed. Since April 9, we have observed exclusively net inflows into the funds.

The most significant inflow, by the way, occurred precisely on Friday, April 17 (+$127.4 million).

Technical Outlook: Resistance at $2400 in Focus

Technically, since March 30, we have seen an improvement in the short-term trend.

The trend line is pointing upward, meaning the bulls are in control. The horizontal resistance cluster lies in the $2380–2400 range.

Currently, it is being tested. The bulls have pulled back for now, but the possibility of another attack cannot be ruled out.

If a breakout is confirmed, the price could subsequently reach the $2600 level.