Ethereum Price Prediction After ETH ETFs Led By BlackRock Secured $49M Inflows As Buy The Dip Traders Pounced During Market Crash

Ethereum Price Analysis: Bulls Gear Up for Breakout

The Ethereum price has risen 2% in the past 24 hours, trading at approximately $2,500 as of 03:42 a.m. EST. Despite a 39% decline in trading volume to $24 billion, institutional investors have shown strong interest in the token, with nearly $49 million in net inflows for U.S.-listed spot ether exchange-traded funds (ETFs) on Monday.

ETH Plunges, Professional Investors Buy the Dip

On Monday, ETH witnessed its most significant drop since 2021 after Jump Crypto transferred a substantial amount to centralized exchanges, suggesting a potential sell-off. However, professional investors seized the opportunity, buying the dip and contributing to a rebound.

ETH Price Set for a Breakout

Ethereum's decline pushed its price to the $2,200 support level, enabling buyers to accumulate. The token has since recovered and is currently trading within the $2,552 resistance zone. Bulls aim to break through this resistance and overcome the immediate resistance level at $2,923 (200-day SMA).

Technical Indicators Support Bullish Momentum

The Relative Strength Index (RSI) is approaching a breakout, indicating increased buying interest. Additionally, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, suggesting that the price of Ethereum is currently in an upward trend.

Potential Pullback or Breakout?

If bullish sentiment prevails, ETH could potentially rise above the sideways pattern and target $2,923. However, if bears regain control, the price may retrace to the major support at $2,200.

Disclaimer

The content above is for informational purposes only and should not be considered investment advice.