Ethereum (ETH) shows signs of a potential recovery despite short-term market uncertainty. Technical indicators, including a possible inverted head and shoulders pattern and bullish RSI divergence, suggest a reversal could be near. Strong support at $2,300 from significant buying activity also bolsters this outlook.

However, institutional selling pressures remain high. Following U.S. spot Ether ETF approvals, ETH saw no inflows, contrasting with Bitcoin's gains. An Ethereum ICO participant recently sold over 45,000 ETH, and 37,000 ETH was transferred to exchanges, indicating more potential sell-offs.

Ethereum often follows Bitcoin's movements and may gain momentum from global events. With growing optimism in the crypto market, ETH could aim to break above $2,800, possibly reaching $3,000 if bullish momentum returns.