Ethereum Sees $20 Million Inflows as Bullish Sentiment Surges Ahead of White House Crypto Summit
1min read Ethereum has experienced a significant shift in investor sentiment, with spot inflows totaling $20 million on Thursday. This marks the first time in 10 days that the leading altcoin has seen inflows, following a streak of 10 consecutive days of outflows exceeding $600 million. This change indicates a renewed buying interest, replacing the previous selling pressure and suggesting a rise in demand for the asset.
At the time of reporting, ETH was trading at $2,290, reflecting a 4% price increase over the past 24 hours. The growing bullish pressure in the broader market, ahead of the anticipated White House Crypto Summit scheduled for March 7, suggests that ETH may continue to extend its gains in the short term.
Ethereum’s open interest has also been on the rise, indicating increased trading activity. At the time of reporting, open interest stood at $20 billion, up 4% over the past 24 hours. Open interest measures the total number of outstanding derivative contracts, such as futures or options, that have not been settled. The increase in open interest reflects heightened market participation and capital inflows into ETH’s futures market, reinforcing the current bullish trend.
On the daily chart, readings from ETH’s Moving Average Convergence Divergence (MACD) indicate growing demand for the coin ahead of Friday’s Crypto Summit. The MACD line is poised to climb above the signal line, suggesting a potential bullish crossover as upward momentum strengthens. This setup is seen as a buy signal, increasing the likelihood of further price rallies. If demand for ETH continues to grow, its price could reach $2,361. Conversely, if a correction occurs, ETH’s price could drop below $2,000 to trade at $1,990.