This week, Ethereum's price remains in a narrow range against a backdrop of slowed inflows into exchange-traded funds (ETFs). Analysis suggests potential breakout scenarios.
Current State of the Ethereum Market
Ethereum ([ETH](https://crypto.news/price/ethereum/)) dropped to a low of $2,400 this week due to the ongoing cryptocurrency market crash. This value is down 16% from this month's high, indicating a technical correction.
ETF Trends and Outcomes
According to SoSoValue data, the inflows into spot Ethereum ETFs reached only $40 million this week, significantly down from $528 million the previous week, marking the lowest increase since mid-May. The slowdown in inflows may stem from two reasons: investors likely remained sidelined as Bitcoin and Ethereum prices fell, and shortened trading days in the U.S. thanks to a federal holiday.
Technical Analysis of Ethereum Prices
Technical analysis indicates that Ethereum prices have been consolidating since May 10, remaining between support at $2,410 and resistance at $2,736. This consolidation forms part of a bullish flag pattern, which suggests potential continuation of upward momentum, especially if the price breaks above $2,735. The next significant target would be the psychological level of $3,000.
Despite the slowdown in ETF inflows and price corrections, the current situation indicates that Ethereum still has growth potential, provided it maintains certain levels.
