Ethereum's price has been fluctuating below the $2,500 range, but ETF fund flows may change the trend.
Ethereum (ETH) has been in a range-bound movement for several days, but institutional investor demand is on the rise. Data from Glassnode shows that last week, 106,000 Ethereum flowed into spot Ethereum exchange-traded funds, marking the seventh consecutive week of positive inflows.
However, not everyone is optimistic about Ethereum. Etherscan shows that two Ethereum wallets unstaked and withdrew 95,920 Ethereum in early June. A significant portion of this, specifically 62,289 Ethereum, has been deposited into various exchanges and may be sold.
Will Ethereum's range-bound market break upward or downward? Let's find out through chart analysis.
In the past few days, Ethereum has been trading between the 50-day simple moving average ($2,528) and the support level of $2,323.
Both moving averages have flattened, and the relative strength index (RSI) is close to the midpoint, indicating that consolidation will continue in the short term. If buyers push the price above the 50-day moving average, the ETH/USDT pair may rise to $2,738, followed by an increase to $2,879. Sellers are expected to fiercely defend the $2,879 level.
Conversely, if the price falls back from the 50-day moving average, bears will attempt to pull the pair below the $2,323 support level. If they succeed, the pair could plummet to the solid support level of $2,111. The next trending move may begin above $2,879 or below $2,111.
The pair has been oscillating between $2,376 and $2,521 for some time. The flattened moving averages and RSI just above the midpoint do not give a clear advantage to either bulls or bears.
If the price continues to hold above the moving average, the pair may reach the $2,521 level. Sellers will try to halt the upward movement at $2,521, but if the bulls prevail, the pair could soar to $2,666.
On the other hand, if the price significantly falls back from $2,521, the pair may remain within the range for a longer time.
Related: Latest research shows: Bitcoin (BTC) profit-taking surge, with $140,000 as a key price level.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.
Original article: “Spot ETF Inflows May Drive Ethereum (ETH) Price Breakout”
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