Key takeaways:
A bull flag pattern for ETH price is forming on the weekly chart, aiming for $10,000.
Ether ETFs saw inflows totaling $674 million over two consecutive days.
Since April 1, strategic Ether reserves and ETF holdings have increased by 250%.
Ether’s (ETH) price has created a bull flag pattern on the weekly chart, indicating strong bullish momentum following an upward breakout.
Could this technical indication, along with the resurgence of institutional interest, signal the start of a rally towards new all-time highs?
Ether’s price bull flag targets $10,500
Technical analysis of ETH price suggests it may gain momentum if it breaks out of the bull flag pattern on the weekly candle chart.
A bull flag pattern is a bullish formation that occurs after price consolidates within a downward-sloping range following a significant price increase.
Related: ETH declines as crypto and stocks correct, yet $547M spot ETF inflows indicate TradFi positioning
Bull flags typically resolve when the price surpasses the upper trendline, potentially rising by the height of the previous uptrend. This sets the upper target for Ether’s price at $10,533, representing a 145% increase from current levels.
The daily RSI is above the midline at 61, indicating that the macro setup still favors an upward trend.
To maintain a sustained recovery, the ETH/USD pair must first break through the resistance at $4,500, the flag’s upper limit.
Many analysts suggest that Ether’s rise to $10,000 is plausible, citing increasing network flows, steady spot ETF inflows, and positive on-chain metrics.
“The Ethereum season is inevitable,” remarked pseudonymous technical analyst Ethernasyonal in a Wednesday post on X, adding:
$ETH has entered its 3rd major market cycle while maintaining its historical cyclical structure on the way to $10K.”
A recent analysis by trader Jelle on X pointed out that strong fundamentals and Ether’s breakout from its multi-month megaphone position it for a move towards $10,000.
Spot Ethereum ETF inflows return
The potential continuation of ETH’s bull run is backed by the ongoing capital flows into US-based spot Ethereum exchange-traded funds (ETFs) since they turned positive on Monday.
These investment products accumulated a total of $674 million in net inflows over two days, following a week of outflows.
This illustrates renewed institutional demand, which has previously been a catalyst for price increases.
“Ethereum ETFs brought in $127,500,000 in the past 24 hours, marking a second consecutive day of positive inflows,” stated analyst Crypto Gucci in an X post, adding:
“The smart money keeps stacking ETH.”
Data from StrategicETHreserve.xyz indicates that total holdings of strategic reserves and ETFs have soared by 250% since April 1, reaching 12.15 million ETH as of Tuesday.
This increase signifies a steady consolidation of Ether supply among major institutional and corporate players.
As reported by Cointelegraph, ETH is gaining traction as a strategic reserve asset thanks to its income generation capability through staking, practical utility, and support for a growing ecosystem of tokenized assets.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
