Ethereum price rose to an intraday high of $2,375 on Friday as Ethereum ETFs continued to draw institutional interest.
Summary
- Ethereum price rises to $2,375 as listed ETFs extend average entry to six days, pulling in nearly $300 million and showing renewed institutional demand.
- Improving sentiment, including easing US-Iran tensions, and continued stockpiling are bolstering expectations.
- ETH is approaching a break above $2,400, with technical indicators pointing to a move to $2,600, while $2,200 remains key support.
According to data from crypto.news, the price of Ethereum (ETH) was trading at $2,375 at the last check on Friday, April 17. The largest altcoin in the market had increased by 1% in the last 24 hours and increased by more than 7% in the last 7 days.
Ethereum price has rallied as institutional investors continue to show continued demand for the token.
According to data from SoSoValue, 10 US spot Ethereum ETFs recorded $18 million in net inflows on April 16, led by BlackRock’s ETHA.
Notably, these institutional products experienced back-to-back inflows for the sixth consecutive trading day, pulling in nearly $300 million during that period.
Although flows have moderated in nature compared to earlier this year, when these products were bringing in more than $100 million a day, it suggests that institutional investors are beginning to accumulate assets with renewed confidence.
With reports suggesting that the US and Iran may end their ongoing conflict soon, Ethereum ETFs could see a boost in investor sentiment as money moves back into riskier assets.
Meanwhile, Ethereum financial firm Bimine has also been aggressively building its holdings with its latest purchase completed on Monday, April 13. Currently, the firm holds about 4% of the total float, which brings it very close to its goal of at least 5%.
Chairman Tom Lee, meanwhile, has noted that Ethereum is very close to breaking out of its long crypto hibernation after a recent sharp decline.
This has fueled optimism in the broader market as whales continue to cap long-term supply.
On the daily chart, the price of Ethereum is close to breaking out of the horizontal resistance line at $2,400, a level where it previously faced a lot of selling pressure.
The 50-day SMA is closing in on a bullish crossover with the 100-day SMA, which is a sign that medium-term momentum is turning in favor of buyers.
Additionally, the MACD lines are pointing upwards, which means that the bullish trend is gaining strength, and the volume is supporting the current price action.
Therefore, the price of Ethereum is expected to break $2,400 soon and may move towards the next important resistance target of $2,600. However, if the price of the token falls below $2,200, it could invalidate the current bullish setup and lead to a retest of the lower support levels near $2,000.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
