Ether ETPs See $225 Million Inflows 11th Week Running

Ether (ETH) has been trading within a narrow range for several days, but institutional investors have been quietly accumulating the cryptocurrency. Ether exchange-traded products (ETPs) saw $225 million in inflows for the trading week ended Friday, marking the 11th consecutive week of inflows into Ether ETPs. This sustained buying could potentially propel the price of Ether above its current resistance levels.

Technical analysis indicates that Ether has been maintaining above the 20-day exponential moving average of $2,507, suggesting a positive sentiment among traders. To establish a new uptrend, bulls need to secure a daily close above $2,635. This would open the doors for a rally to the overhead resistance of $2,738. However, sellers are expected to pose a strong challenge in the $2,738 to $2,879 zone.

On the downside, a break and close below the 20-day exponential moving average would suggest that the bulls have given up, increasing the risk of a drop to the solid support at $2,323. Buyers are likely to emerge between $2,111 and $2,323. The ETH/USDT pair has formed a symmetrical triangle pattern on the 4-hour chart, indicating indecision between the bulls and the bears. A break and close above the triangle could see the pair surge toward the pattern target of $2,751. Conversely, if the price turns down and breaks below the triangle, it signals that the advantage has tilted in favor of the bears, with the pair potentially falling to the target objective of $2,364.

The bullish sentiment surrounding Ether is not only driven by institutional investments but also by upcoming network upgrades. These upgrades are expected to enhance the network's scalability and efficiency, making it more attractive to investors and users. The combination of positive newsflow, a change in investor sentiment, and steady ETF buying could help Ether rally above the $2,700 mark, securing a close above this level and potentially driving its price even higher. According to the analyst's forecast, Ethereum ETFs could see inflows of up to $10 billion by 2025, further bolstering the cryptocurrency's price trajectory.