Ether (ETH), the second-largest cryptocurrency, has recovered 10.11% over the past 24 hours, reaching $3,113. 📈 This was made possible thanks to institutional investors who used the July drop to buy ETH.

VanEck and 21Shares have filed amended applications for Ethereum exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC), sparking a new wave of optimism.

A CoinShares report showed that Ether-related investment funds saw $10.2 million in inflows in the week ending July 5th.

ETH's current rise is part of a rebound that began after testing the 50-week exponential moving average (50-week EMA) as support.

However, a decline below the support level could see ETH fall back to $2,830.