Ethereum Surges 12% as Investors Pour $296.4 Million

Veteran technical analyst Peter Brandt has suggested that Ethereum may be on the brink of a significant breakout, stating that "Every dog has its day." This comes as Ethereum's price has recently surged, rising from around $2,400 to over $2,700 between June 9 and June 10. This rally continues Ethereum's bullish momentum following a brief dip.

Brandt's analysis, shared on X, highlights a potential turning point for Ethereum. The cryptocurrency has transitioned from a descending channel to a symmetrical triangle formation. Since December 2024, when Ethereum's price peaked above $4,000, it has been moving within a descending channel. Key levels tested during this period include $3,700 in January and $1,390 in April. However, after breaking out of this channel in mid-April, Ethereum began forming a symmetrical triangle pattern, which typically signals consolidation before a breakout.

In this pattern, Ethereum's price has been capped on both ends. Support has been tested multiple times, most recently on June 6 at $2,392, while resistance near the $2,700 mark has held firm since May. Ethereum’s 18-period moving average is trending upwards, indicating potential short-term bullish momentum. The moving average is currently acting as dynamic support, suggesting an ongoing upward trend. However, the ADX (Average Directional Index) currently sits at 22.72, indicating a weak trend and market consolidation.

If Ethereum’s price falls below the $2,150 support level, it could signal a bearish breakdown, potentially leading to further declines toward the long-term support below the $1,390 mark. Brandt suggests that Ethereum may be on the verge of a breakout, remarking, “Every dog has its day — woof woof ETH.” This suggests now could be Ethereum’s time to shine after vastly underperforming Bitcoin. On the upside, resistance is positioned just below the $4,000 mark. Should Ethereum continue its rally, it could surge by approximately 48.7%, moving from its current price of $2,689 to the $4,000 resistance level.

The digital asset market has seen strong inflows, with Ethereum leading the pack. According to CoinShares data, digital asset investment products experienced $224 million in inflows last week, continuing a seven-week streak of positive growth. Ethereum accounted for the largest share of these inflows, with $296.4 million entering the market. This marks the seventh consecutive week of inflows for Ethereum, pushing the total to $1.5 billion over this period. In contrast, Bitcoin has seen outflows, with $56.5 million leaving the market. This shift in investor sentiment suggests that Ethereum is attracting more attention, further supporting the belief that the cryptocurrency could be positioning itself for a breakout.