Ethereum price has been trading in range for the last three weeks and seems to be struggling to find traction above $2,700. It returned to the upside on Wednesday, trading at $2,630 at the time of writing after rising by 1.38%. Nonetheless, that marginal gain is significant in the current cryptocurrency market, whose capitalisation has declined by $220 billion in the last two weeks. In addition, the CoinMarketCap Fear and Greed Index currently reads “Neutral”, underlining a weak momentum.
ETH has been leaving exchanges in large troves, signaling that investors are increasingly inclined to hold the coin rather than sell it. According to analytics site, IntoTheBlock, the coin had -$1.37 billion worth of net outflows from exchanges in the last week. That forms a strong basis for ETH to stay on the ascending trajectory in the near-term.
However, the ETF market is where the true story of Ethereum’s current upsurge is told. Despite ETH price declining by 0.53% on Tuesday, institutional investors kept stashing up the coin, with Ethereum spot ETFs recording a combined $109.50 million worth of net inflows. Not only that, but it was also the largest inflow in the last eight sessions .
The rising institutional appetite for Ethereum is notable, particularly because ETH spot ETFs have outperformed Bitcoin. While ETH has registered gains in each of the last ten sessions in succession, Bitcoin spot ETFs were on a three-session losing streak prior to Tuesday’s $375.1 million net gain. BlackRock currently holds $4 billion worth of ETH.
Ethereum Price Prediction
Ethereum price pivots at $2,614 and action above that level signals control by the bulls. That momentum will likely meet initial resistance at $2,653. However, a stronger momentum will break above that level and potentially test $2,690.
Conversely , breaking below $2,614 will signal the onset of bearish control. That will likely see initial support established at $2,572. Breaking below that level will invalidate the upside narrative and an extended control by the sellers could push action lower to test $2,530.
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