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Ethereum has experienced a noteworthy $20 million in spot inflows after a prolonged 10-day streak of outflows, highlighting a shift in investor sentiment.
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This surge in inflows corresponds with a 4% price increase, pushing ETH to $2,290 amid bullish market conditions ahead of the White House Crypto Summit.
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According to a COINOTAG source, ETH’s rising open interest alongside favorable MACD readings indicates an active market presence and potential for future price appreciation.
Ethereum sees renewed investor interest with $20 million in spot inflows, signaling bullish momentum ahead of the White House Crypto Summit.
ETH Sees $20 Million Spot Inflows After 10-Day Outflow Streak
According to Coinglass, ETH’s spot inflows totaled $20 million on Thursday. This comes after the leading altcoin witnessed 10 consecutive days of fund outflows from its spot markets, exceeding $600 million.
When an asset that previously recorded significant outflows begins to record inflows, it indicates a shift in investor sentiment. It means that renewed buying interest is replacing prior selling pressure. ETH’s spot inflows indicate a rise in demand for the asset, as buyers are willing to acquire it at the current market price, positioning it for further upside.
In addition, Ethereum’s open interest is also climbing, indicating a surge in trading activity. At press time, this is at $20 billion, increasing by 4% over the past 24 hours.
An asset’s open interest measures the total number of outstanding derivative contracts, such as futures or options, that have not been settled. ETH’s rising open interest reflects increased market participation and capital inflows into its futures market, reinforcing the current bullish trend.
Ethereum Eyes $2,361 as Indicator Confirms Growing Buying Pressure
On the daily chart, readings from ETH’s Moving Average Convergence Divergence (MACD) reflect the growing demand for the coin ahead of Friday’s Crypto Summit. As of this writing, the coin’s MACD line (blue) is poised to climb above the signal line (orange).
When this momentum indicator is set up this way, it suggests a potential bullish crossover as upward momentum strengthens. This is seen as a buy signal, increasing the possibility of further price rallies. If ETH’s demand grows, its price could reach $2,361.
On the other hand, if it suffers a correction, ETH’s price could drop below $2,000 to trade at $1,990.
Conclusion
The recent $20 million spot inflow into Ethereum after a prolonged outflow period signals a significant change in market confidence. With increasing trading activity and bullish technical indicators, ETH may continue its upward trajectory towards $2,361. However, investors should remain cautious of potential corrections as market dynamics evolve.
