As a seasoned crypto investor with over a decade of experience navigating this wild digital frontier, I must say that Tuesday’s Ethereum price recovery has filled my heart with optimism and my wallet with anticipation. Having witnessed numerous bull and bear markets, I can confidently say that the current uptrend is promising, especially considering the $49M weekly inflows into ETH ETFs.
After experiencing a significant drop on Monday, the trading volume of Ethereum ETFs has turned positive for the week, indicating a resurgence despite broader market uncertainties. The increase in Ethereum’s price on Tuesday hints at a potential bullish trend emerging, as traders anticipate a possible surge beyond the $3,000 mark.
Ethereum ETFs Score $49M Weekly Inflows
Following a disappointing run since their debut in July, Ethereum ETFs have now moved into positive territory. On Monday alone, these ETFs experienced a net influx of approximately $49 million. According to data from SoSoValue, this represents a substantial enhancement compared to the total net inflow of $54.3 million recorded on Friday.
Over the past few weeks, I’ve noticed a steady decline in my crypto investments, with the weeks ending on August 2 and July 26 being particularly challenging. This downward trend has narrowed the potential for a breakthrough to $4,000, while simultaneously increasing the risk of further losses. Unfortunately, Ethereum prices have slipped from several key support levels at $3,300 and $2,400, but managed to hold onto $2,100 on Monday as we continue to navigate this trend reversal.
Maintaining a steady influx of investments into the ETF is crucial. This influx not only elevates investors’ confidence but also increases interest in Ethereum, thereby fostering a long-term upward trend.
Ethereum Price Jumps Above $2,500, What’s Next?
Following a successful hold at the $2,100 resistance point, traders began purchasing Ethereum, leading to an upward price recovery. This change in trend, supported by the Money Flow Index (MFI) shifting from oversold to neutral, propelled Ethereum’s price over $2,500. For a bullish outlook towards $3,000 to be confirmed, Ethereum needs to close above $2,500 first. Once that happens, the bulls might pause briefly before resuming their push towards $3,500.
According to IntoTheBlock’s IOMAP model, there is strong backing for Ethereum prices between $2,292 and $2,368. Around 1.7 million investors who bought nearly 50 million ETH in this price range are currently in profit and seem unlikely to offload their holdings, anticipating a prolonged surge. The model hints at diminishing resistance barriers, implying the potential for Ethereum’s rally to continue beyond $3,000.
In simpler terms, if we look back at earlier predictions about ETH prices, they warned that a ‘death cross’ trend might make things tougher for the bulls, preventing any further rise above $2,500. If the current support level ($2,500) weakens, it could trigger a bearish triangle pattern, which could lead to a drop in price towards $1,600.
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2024-08-06 19:24