With RSI pointing bullish and inflows rising, is Ethereum quietly preparing for a breakout above $2,000?
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Ethereum spot ETFs saw $104M inflows, pushing total assets to $6.14 billion.
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Bitcoin ETFs led by BlackRock’s IBIT gained $422.5M, showing stronger institutional interest.
The surge in Ethereum ETF inflows hints at a potential price rally, raising questions about Ethereum’s momentum as it eyes critical resistance levels.
Ethereum ETF Update
Fidelity’s Ethereum Fund (FETH) was solely responsible for the positive momentum, recording $6.5 million in fresh inflows. This influx underlines the growing appeal of Ethereum-based products among investors.
In contrast, Grayscale’s Ethereum Trust (ETHE) experienced $12 million in outflows, offsetting some of the gains from Grayscale’s newly launched spot Ethereum ETF (ETH).
Other Ethereum ETFs remained flat, showing no fund movements for the day, which indicates that the attention is primarily on a select few funds.
What About Bitcoin ETF?
On the same day, spot Bitcoin [BTC] ETFs witnessed a remarkable surge in investor interest, drawing in a combined $422.5 million in inflows.
Leading the pack was BlackRock’s IBIT, which alone attracted $351.4 million, underscoring its dominance in the space. Such figures highlight a strong institutional commitment to Bitcoin investments.
Grayscale’s newly launched Bitcoin ETF followed with $41.9 million, while Bitwise’s BITB secured $38.4 million in fresh capital.
Fidelity’s FBTC added $29.5 million, and VanEck’s offering drew $21.9 million. Even Grayscale’s legacy GBTC, despite previous outflows, managed to pull in $16 million.
Franklin’s EZBC and Invesco’s BTCO also contributed with $10.6 million and $8.72 million, respectively, while other funds remained stagnant. This sharp contrast to Ethereum ETF flows signals continued strong institutional confidence in Bitcoin-backed products.
Ethereum vs. Bitcoin Price Update
The ETF inflows came as Bitcoin traded at $96,850.00, marking a 0.72% gain over the previous 24 hours. Ethereum also saw modest upward momentum, rising 0.18% to trade at $1,834.35.
Technical indicators reflected this bullish sentiment, with the Relative Strength Index (RSI) for both assets hovering around the 57 mark, typically a sign of increasing buying pressure.
Source: Santiment
The current positioning of the RSI suggests that bullish momentum is gaining ground, signaling growing investor confidence in the short-term trajectory of both Bitcoin and Ethereum.
What’s More?
In fact, recently, Ethereum spot ETFs witnessed a significant uptick in demand, drawing in a notable $104 million in net inflows over the past 24 hours, according to SoSoValue data.
This pushed the total net asset value of ETH ETFs to an impressive $6.14 billion, with a net asset ratio of 2.83%. Such growth reflects the accumulating interest from institutional players.
The cumulative historical inflows have now climbed to $2.4 billion, signaling strong institutional interest. If this momentum continues, Ethereum could be on track to retest the $2,000 level.
However, any strategic profit-taking by sellers could trigger a downside move, potentially pulling ETH back toward the $1,730 support range.
Conclusion
Overall, the latest developments indicate a bullish trend in Ethereum’s market positioning, driven primarily by increasing inflows into its ETFs. Investors should monitor key price levels closely as both Ethereum and Bitcoin seem poised for significant movements in the coming weeks.
