Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is showing strong Momentum in the market, with its price bullish 5.6% in the past 24 hours. ETH price is up due to ETF flows, and technical momentum is a signal for an uptrend.
Ethereum market volume rose 74% to $44.07 billion, reflecting strong momentum among traders. ETH open interest increased by 8.60% to $52.43 billion, which means it has bullish continuation. ETH market cap reached $470.02 billion, marking a 4.5% up. As per CoinMarketCap ETH price has been trading at $3920 in the past day.
Ether ETF Sees $222.1 Million Inflow, Representing a Bullish Signal
On Friday, US Spot Ethereum Exchange traded Funds saw a significant inflow, marking a consecutive three-day inflow. Farside Investors’ data showed that BlackRock ETHA, the largest ETF by net assets, led this inflow, investing $103.5 million, which highest flow this week. Likewise, Fidelity FETH and Grayscale ETH also experienced an inflow $31.8 to %34.6, respectively.
The ETF has a crucial role to play in the market for setting the change tone from bearish to Bullish. The outcomes reduce ETH liquidation. Investors’ interest has a positive impact on the market situation. However, a prominent analyst, Ali, predicted that if ETH breaks $4000 level, to next target is to hit $6400.
According to the tweet, SharpLink Gaming has purchased 10,975 ETH worth about 42$42.79 million. They now hold a total of 532,194 ETH, valued at $2.07 billion. This investment positive impact on long-term market confidence.
On Friday, 7 August, BlackRock’s ETH ETF holds 28000 Ethereum worth about $109M in one day.
Technical & Sentiment Drivers Mixed Impact
On the four-hour chart, Ethereum has moved above its 200-day average price of $3425, which is a good sign. Now, it’s trying to break an important resistance level around $3,940 based on Fibonacci levels.
The Moving Average Convergence Divergence (MACD) indicator shows a bearish signal (the strength is weakening), but the RSI is at 65.84, meaning there’s still some room for the price to go higher before it becomes overbought.
If ETH surpasses $3940 for 48 hours, the next target may be $4700. However, ETH is ready once again to break its all-time high in the last quarter. Furthermore, every investor and analyst keeps eyes on the next target of the ETH.
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