The analysis of current trends in the Ethereum market indicates a possible directional change in price. With increasing institutional interest and technical analysis, future price movements are captivating traders’ attention.
Potential Trend Reversal for Ethereum
Recent analysis shows that Ethereum's price is forming a bullish divergence, indicating weakening bearish pressure. While ETH price remained in a downtrend, the relative strength index (RSI) showed higher values during the same period, suggesting a potential trend reversal. Experts believe this could lead to significant price increases, with forecasts suggesting a rise of up to 120%, potentially reaching $2,500.
Impact of ETF Inflows on Ethereum Price
The recent performance of Ethereum's price is also supported by increasing inflows into Ethereum-based ETFs. In just one day, Ethereum ETFs recorded an inflow of 41,940 ETH, worth approximately $76.33 million. Major institutional players like BlackRock made significant contributions, adding 37,537 ETH. This reflects growing institutional interest, which may play a crucial role in stabilizing Ethereum's price.
Key Support and Resistance Levels
On the daily charts, Ethereum's price is hovering around critical support and resistance levels. The $1,500 level has served as a support area allowing buyers to prevent further price declines. If the price breaks above the $1,900 resistance level, it could pave the way for potential price increases toward $2,500 – $2,800 levels. At the time of writing, ETH price was at $1,799.18.
Amid growing institutional interest, Ethereum's price is showing signs of potential growth. Future price movements will depend on breaking significant resistance levels and continuing inflows into Ethereum ETFs.
