Key catalysts driving Ether’s price up today include declining ETH reserves on crypto exchanges and a surge in institutional inflows into Ethereum investment funds.
Ethereum’s native token, Ether (ETH), has risen by over 2% in the last 24 hours to reach $3,865 on June 6. The cryptocurrency’s gains mirror the broader crypto market, whose valuation has jumped by about 1.50% in the same period.
Among the top catalysts driving Ether’s price up today include depleting ETH reserves across all the crypto exchanges and a surge in institutional inflows toward Ethereum-focused investment funds.
A significant trend among Ethereum traders is the increasing withdrawal of Ether from exchanges, indicating a growing HODLing sentiment.