The Ethereum Price (ETH) is beginning the week on the green today, with the token up 3% to trade at $3,382. Despite the positive outlook, its 24-hour trading volume has plummeted 17% to 12 billion, suggesting a fall in market activity.
This comes as data from James Butterfill, Head of Research at CoinShares, shows that the newly issued spot Ethereum ETFs have pulled in a significant $2.2 billion of inflows. However, the new inflows milestone was tempered by $285 million in overall net outflows from Grayscale’s $1.5 billion Ethereum trust.
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📈 The launch of the #Ethereum ETF saw inflows of $2.2bn, while digital asset investment products saw inflows of $245m, and #Bitcoin continued to see healthy inflows of $519m.
For more insights, read our full report: https://t.co/buXZfPZYm3 pic.twitter.com/IgBS7ryP9e
— CoinShares (@CoinSharesCo) July 29, 2024
On the other hand, Bitcoin continued to attract investor interest, with $519 million in inflows last week. This brought its month-to-date inflows to $3.6 billion and year-to-date inflows to a record $19 billion.
Meanwhile, a big percentage of the funds recorded positive flows, indicating that the broader Ethereum ETF market is gaining attention from investors and traders. On the other hand, investors are optimistic that the Ethereum price will reach new highs soon.
The first scenario stands for $ETH.
Price consolidated at $3,100 and bounced back upwards.
If the outflows are stagnating during this week, then I'm assuming we'll be seeing a break above $3,500 and a rally to $3,800-4,000. pic.twitter.com/rwFgDHRSOO
— Michaël van de Poppe (@CryptoMichNL) July 29, 2024
Ethereum Statistical Data
Based on Coinmarketcap data:
- ETH price now – $3,382
- ETH market cap – $406 billion
- ETH total supply – 120 million
- ETH circulating supply – 120 million
- ETH ranking – #2
Ethereum Price Set for an Upward Move as the Bulls Target $3,600 Mark
Since July, the ETH price has tumbled, forming a rounding top pattern with the bears dominating the market. However, the bears could not sustain the pressure, as the asset rebounded using the $3,142 support, invalidating the pattern’s bearish prospects.
With the formation of a rounding top pattern in the 4-hour chart, the ETH price is looking forward to a potential breakout to the $3,600 mark. Often, the rounding top represents a trend reversal. Traders who wish to confirm their bullish bias in the ETH price and enter long positions can explicitly capitalize on the upcoming breakout.
Diving into the technical outlook, the ETH price trades well above the 50-day(green) and 200-day(blue) Simple Moving Averages (SMAs). The 3,290 and $3,350 act as immediate support levels, affirming the bullish stance in the market. In the same way, the Relative Strength Index (RSI) has its strength at 64, hurtling towards the 70-overbought zone. This indicates that buyers are currently in a buying frenzy, a stance that, if sustained, could push Ethereum above the $3,555 resistance.
On the other hand, a buy signal from the Moving Average Convergence Divergence (MACD) indicator validates the bullish stance. Similarly, buyers will continue to have the upper hand as long as the MACD keeps moving higher within the positive region above the mean line at 0.00. Moreover, the momentum indicator has crossed above the signal line(orange band), tilting the odds towards the buyers.
Ethereum Price Future Outlook
In the 4-hour chart analysis, the Ethereum price shows a bullish bias in the short term. This is evident as ETH rallies above the SMAs, MACD and RSI, signalling active buying from the bulls. If the bulls keep up with the buying appetite, the ETH price could hit the $3,600 level.
On the flip side, if the sellers step into the market at this level, they could breach the $3,350 support, invalidating the bullish sentiment. In such a case, the ETH price could retrace back to the major support at $3,142.
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