ETF inflows are changing the script. On-chain trends point to an upward trend, while big players quietly pile in.
Will ETH continue to grow and break out?
Wall Street swarms into ETH ETFs as they outpace Bitcoin
Ethereum is being bought by ETFs in greater numbers than Bitcoin. recent single-day haul Arkham Intelligence reports that ETH is worth $461 million, compared with BTC’s $404 millions.
Source: Arkham Intelligence
The surge was led by institutional titans – BlackRock scooped up $250 million worth of ETH, Fidelity added $130 million, and Grayscale followed with $60 million.
This was the largest single day institutional buy wave ETH had seen in this year.
It’s a new buyer’s market for ETH
Glassnode’s data shows a significant increase in new buyers, including momentum traders.
Glassnode
Having said that, conviction buyers – those raising their cost basis despite elevated prices – also grew, signaling deeper market commitment.
This combination of new inflows with seasoned holders’ convictions could also set up a strong upward leg if the buying pressure continues.
Open Interest Rises as ETH Edges Towards Breakout Zone
As of press time Ethereum’s derivatives market is heating up, with Futures Open Interest sitting at $51.61 billion – near a yearly high.
CoinGlass
ETH traded at $4.190 above the 9- and 21 day EMAs.
Momentum indicators accentuated the bullish bias. RSI was hovering just above overbought at 69.8, and MACD remained firmly in positive territory.
TradingView
ETH has a price target of $4,891 this year. Its structure is suggesting that the current price could be reached.
Profit taking could, of course, slow any climb down before it reaches a definitive breakout.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
