Main Insights:
A bullish flag pattern for ETH price is evident on the weekly chart, aiming for $10,000.
Ether ETFs saw inflows for two consecutive days, amounting to $674 million.
Strategic Ether reserves and ETF holdings have surged by 250% since April 1.
Ether’s (ETH) price has created a bull flag pattern on the weekly chart, indicating strong bullish potential following an upward breakout.
Could this technical indication, alongside the resurgence of institutional demand, herald the beginning of a rally toward new all-time highs?
ETH Price Bull Flag Aiming for $10,500
ETH’s technical indicators suggest it could gain traction if it breaks out of a bull flag on the weekly candle chart.
A bull flag pattern forms after a price consolidation inside a downward-sloping range following a sharp ascent.
Related: ETH declines as crypto and stocks retract, but $547M in spot ETF inflows signal TradFi positioning
Bull flags typically break out when the price exceeds the upper trendline, potentially increasing by the height of the preceding upward trend. This positions Ether’s price target at $10,533, or a 145% rise from current levels.
The daily RSI is above the midline at 61, indicating that the macro environment still supports upward movement.
For a sustained recovery, the ETH/USD pair must first break through the resistance at $4,500, the upper boundary of the flag.
Several analysts suggest that Ether’s ascent to $10,000 is likely, pointing to increasing network flows, ongoing spot ETF interest, and bullish on-chain indicators.
“An Ethereum season is imminent,” remarked pseudonymous technical analyst Ethernasyonal in a Wednesday post on X, adding:
$ETH has entered its third major market cycle while staying true to its historical cyclical path towards $10K.”
A recent analysis on X by trader Jelle indicated that robust fundamentals and Ether breaking out from its multi-month megaphone place it on a trajectory toward $10,000.
Return of Spot Ethereum ETF Inflows
The potential continuation of ETH’s bull run is bolstered by consistent capital flows into US-based spot Ethereum exchange-traded funds (ETFs) since they regained positive momentum on Monday.
These investment vehicles have attracted a total of $674 million in net inflows over the last two days, following a week of outflows.
This resurgence indicates renewed institutional demand, which has historically spurred price increases.
“Ethereum ETFs garnered $127,500,000 in the past 24 hours. A second day of positive inflows into ETH ETFs,” analyst Crypto Gucci noted in an X post, adding:
“Smart money continues to accumulate ETH.”
According to StrategicETHreserve.xyz, combined holdings of strategic reserves and ETFs have skyrocketed by 250% since April 1, totaling 12.15 million ETH as of Tuesday.
This rise signals a consolidation of Ether supply in the hands of significant institutional and corporate entities.
As reported by Cointelegraph, ETH has gained recognition as a strategic reserve asset due to its yield-generating potential through staking, practical utility, and support for a growing ecosystem of tokenized assets.
This article is not investment advice or recommendations. All investments and trading decisions involve risk, and readers should conduct their research before making a decision.
