Ethereum Price Rises to $2.4k on ETHGas, Ether.fi $3bn Deal
Ethereum (ETH) price inched up by about 3% to $2,403.23 over the past 24h, closely tracking Bitcoin’s 2.53% gain, driven by sustained institutional demand amid spot ETF inflows, ETHgas, and theEther.fi deal.
The altcoin price movement shows a strong correlation (96%) with the S&P 500, indicating a macro-driven, risk-on move.
ETHGas, a blockspace exchange and liquid staking protocol, and ether.fi announced a three-year, $3 billion agreement. The deal commits roughly 40% of ether.fi’s staked ETH (over 2.8 million ETH) to ETHGas’s High Performance Staking service.
The core aim is to build a forward market where validators can pre-sell future block inclusion rights, giving buyers, such as rollups and institutions, guaranteed execution and predictable pricing.
This triggered buying action that lifted ETH price. Crypto analysts said the deal is a major bullish signal for Ethereum’s maturation as it directly addresses a critical need for institutional-grade risk management and execution certainty.
In addition to other market-moving news, U.S. spot Ethereum ETFs recorded $18 million in net inflows on April 16, extending a streak to six consecutive days and bringing the total to nearly $300 million over that period.
BlackRock’s iShares Ethereum Trust (ETHA) led the inflows. This consistent buying pressure provides a fundamental bid beneath the market.
The entire crypto market rose, with the total market cap up 2.17%. The catalyst was a reduction in macro risk after Iran declared the Strait of Hormuz “completely open,” easing oil supply fears that had pressured risk assets. Ethereum’s move closely correlated with Bitcoin and traditional equities.
ETH’s gain was amplified by a bullish macro shift, highlighting its sensitivity to broader risk appetite. Technically, ETH has broken above a descending channel and is testing the key $2,400 resistance.
The 7-day Relative Strength Index at 71 suggests momentum but is nearing overbought territory. The 50-day average near $2,200 provides major support.
Technical traders noted that the current trend is positive but approaching a level where profit-taking could emerge. Hence, crypto analysts advised investors to watch for a confirmed daily close above $2,420 to target the next resistance at $2,600, according to technical analysis.
Ethereum’s rise is supported by tangible institutional inflows and a favourable macro backdrop. The key will be converting the $2,400 resistance into support. Bitcoin Gains as Iran Demands Crypto for Toll Payment
