Recent data on Ethereum's price and ETF inflows suggest potential growth for the cryptocurrency, especially amid active accumulation by investors.
Current State of Ethereum Price
Currently, Ethereum's price stands at $2,530, which is 85% higher than its low in April this year. Since May 10, the cryptocurrency has remained within a narrow trading range.
ETF Inflows and Their Impact
American investors are actively accumulating Ethereum, evidenced by the data on ETF inflows. In the past week, total inflows reached $528 million, a substantial increase from last week's $281 million. This brings the total inflow volume to $3.85 billion, with total assets in the funds exceeding $10 billion.
Technical Analysis and Forecast
The chart also indicates the formation of a bullish flag. This pattern suggests potential growth, and the price may test the $3,000 level. A breakout above this threshold could significantly increase the likelihood of reaching a price of $4,000 in the future.
With active accumulation by investors and the formation of bullish signals, Ethereum may witness growth in the coming months, highlighting its significance in the cryptocurrency market.
