🟢 Ethereum ETF Inflows Stay Strong Even as Price Wavers It
koinmilyoner
Updated at: 7 hours ago
{"content":"🟢 Ethereum ETF Inflows Stay Strong Even as Price Wavers
It seems that Ethereum's recent spike may be cooling since its price has been essentially flat for 48 hours.
Behind the scenes, Ethereum-based Spot ETFs are attracting investors.
Lookonchain reported a net inflow of 36,439 ETH on July 4 worth $92.19 million for US-based Ethereum ETFs. This follows a strong performance on July 3 when ETF net inflows reached $148.57 million.
Four of five days of inflows for spot Ethereum ETFs occurred last week, including Friday. Wednesday, July 2, saw the lone ETF outflow of $1.82 million.
Inflows on Friday were led by the iShares (BlackRock) Ethereum Trust, which contributed 32,987 ETH worth $83.46 million. Over $4.57 billion in 1.81 million ETH is held by the fund.
Grayscale's Ethereum Mini Trust gained 3,105 ETH while its bigger brother, the Ethereum Trust (ETHE), lost 77 ETH. Other players like VanEck, Bitwise, and Fidelity have seen good inflows all week. The seven-day net inflow across all registered Ethereum ETFs is 76,892 ETH, or $194.54 million.
Ethereum Prices Stall After Last Week's Momentum
Ethereum's price movement in the previous 48 hours suggests consolidation. It's over $2,400 support but below $2,600 resistance. Ethereum gained 4% last week after trading between $2,400 and $2,630 over the last week. In the previous week, Ethereum has gained 4.1%, according to CoinGecko. It beat Bitcoin's 0.7% rise in the same span.
Technical analysis of the 4-hour candlestick chart shows Ethereum price movement creating a wedge formation. The $2,600 barrier might reject another support level at $2,200, according to this research. Many experts expect a rise to $4,000 if prices breach $2,600 and $2,800, while a loss below $2,200 might cause a downturn to $1,750.
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