U.S. spot Ethereum exchange-traded funds recorded their fourth straight day of inflows on Tuesday as Ethereum touched $2,400 for the first time since February.
Summary
- U.S. spot Ethereum ETFs recorded their fourth consecutive day of inflows, extending total inflows to over $212 million during the streak.
- 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 expanded its ETH holdings to 4.87 million tokens, with around 3 million staked.
According to data from SoSoValue, the ten spot Ethereum ETFs recorded $53.03 million in net inflows on April 14, with Fidelity’s FETH drawing in nearly $38 million.
BlackRock’s ETHA followed with $10.49 million in inflows while Grayscale’s ETH and BlackRock’s ETHB contributed more modest inflows of $3.2 million and $1.2 million, respectively. Notably, none of the remaining ETH ETFs saw any outflows on the day.
This marks the fourth consecutive day of inflows into the investment products, with over $212 million entering the funds. Amidst these favourable conditions, April has turned out to be a positive month for these investment vehicles with $171.2 million drawn in so far after witnessing 5 months of negative flows where nearly $2.8 billion exited the funds.
This is a sign that institutional investors are once again turning towards the Ethereum ecosystem. Previously, such inflows into ETH ETFs helped support broader market liquidity as retail investors followed the institutional lead.
This time, the Ethereum ETFs resumed inflows at a time when renewed hopes of a ceasefire between the U.S. and Iran helped lift global market sentiment following weeks of uncertainty driven by uncertainity driven by the war.
Besides the buying pressure generated by these products, Ethereum treasury company Bitmine has continued to bolster its holdings with aggressive ETH accumulation with the goal of securing atleast 5% of the total ETH supply.
The firm currently holds 4.87 million ETH tokens, nearly 4% of the circulating supply. Out of this, approximately 3.0 million ETH is staked, contributing to the network’s security while generating yield for its treasury.
Bitmine chairman Tom Lee recently described the recent downturn as a “mini crypto winter,” stating that Ethereum is now in the “final stages” of that phase, suggesting the worst of the cycle may already be behind it.
Ethereum (ETH) price rallied 9% on Tuesday to touch the $2,400 threshold before paring off some gains and settling at $2,321 at press time, down 3% over the past 24 hours.
The daily chart shows that the $2,400 marks a significant resistance level since its drop below the psychological barrier in early February this year. Each time the token approached this mark, it faced heavy selling pressure. Hence, a clean breakout above the current ceiling would mark a major shift 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 is closing in on a bullish crossover with the 100-day SMA. Meanwhile, the MACD lines have pointed upwards, indicating strengthening momentum.
Hence, Ethereum price is most likely to continue its uptrend with a break from the $2,400 resistance, potentially opening the doors for a run toward $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 bulls look for a stronger floor.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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