US spot Ethereum exchange-traded funds recorded their fourth straight day of gains on Tuesday as Ethereum touched $2,400 for the first time since February.
Summary
- US spot Ethereum ETFs recorded their fourth consecutive day of gains, extending inflows to more than $212 million during the range.
- Ethereum price rose to test the $2,400 resistance level for the first time since February, supported by improved market sentiment and continued institutional demand.
- Bitmine increased its holding of ETH to 4.87 million tokens, about 3 million of which were staked.
According to data from SoSoValue, ten Ethereum ETFs recorded $53.03 million in revenue on April 14, with Fidelity’s FETH drawing nearly $38 million.
BlackRock’s ETHA followed with $10.49 million in revenue while Grayscale’s ETH and BlackRock’s ETHB contributed estimated revenue of $3.2 million and $1.2 million, respectively. Notably, none of the remaining ETH coins saw any outflows on the day.
This marks the fourth consecutive day of inflows into investment products, with more than $212 million flowing into funds. Amidst these favorable conditions, April was a good month for these investment vehicles with $171.2 million drawn so far after seeing negative 5-month outflows where about $2.8 billion came out of this fund.
This is a sign that institutional investors are once again turning to the Ethereum ecosystem. Previously, such inflows into ETH helped support the broader market’s strength as retail investors followed the lead of the institution.
In this case, the Ethereum ETF also started to enter at a time when renewed hopes of an end to the war between the US and Iran helped to lift the global market mood following weeks of war-driven uncertainty.
Despite the buying pressure created by these products, the Ethereum financial company Bitmine continued to strengthen its holdings with aggressive ETH accumulation with the aim of acquiring at least 5% of the total ETH value.
The firm currently holds 4.87 million ETH tokens, about 4% of the circulating supply. In this case, approximately 3.0 million ETH were staked, contributing to the security of the network while generating yield for its treasury.
Bitmine chairman Tom Lee recently described the recent downturn as a “mini-crypto winter,” saying that Ethereum is now in the “last phase” of that phase, suggesting that the worst cycle may already be behind it.
Ethereum (ETH) price rallied 9% on Tuesday to touch the $2,400 threshold before paring some gains and reaching $2,321 at press time, down 3% in the past 24 hours.
The daily chart shows that $2,400 marks an important level of resistance since its drop below the psychological barrier at the beginning of February this year. Each time the token approached this mark, it faced heavy selling pressure. Therefore, a clean break above the current ceiling would mark a major change in market structure and signal a return to a long-term bullish trend.
Technical indicators seem to support a bullish bias in the short term. Notably, the 50-day SMA closes with a bullish cross over the 100-day SMA. Meanwhile, the MACD lines are trending upwards, indicating a strong momentum.
Therefore, the price of Ethereum will likely continue its rise with a break from the $2,400 resistance, possibly opening the doors to a run towards $2,600.
On the contrary, if Ethereum fails to hold its ground and slides towards $2,200, it could see a period of consolidation as the bulls look for a strong bottom.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
