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Ethereum’s price has made a robust entry into October, driven by the phenomenon known as the ‘Uptober’ rally and increasing inflows into exchange-traded funds, as it approaches an important threshold.
Summary
- The price of Ethereum has established a bullish flag pattern on the daily chart.
- The Murrey Math Line tool suggests a potential rise to $5,625 shortly.
- Cumulative inflows into Ethereum ETFs are approaching $15 billion.
Ethereum ETF inflows approach a significant milestone
Ethereum (ETH) recently surpassed the $4,500 benchmark after experiencing a nearly 20% increase from its September lows. This upward momentum might persist in the coming days, highlighted by a rare bullish flag pattern.
Data from SoSoValue indicates a significant recovery for spot Ethereum ETFs this week. These funds recorded inflows exceeding $1.3 billion, bouncing back after a loss of $795 million in assets the prior week.
Currently, the ETFs have accumulated inflows of $14.42 billion, potentially reaching the $15 billion milestone next week if current trends persist.
BlackRock’s ETHA ETF leads the market share in the sector, garnering $206.7 million in inflows on Friday, which brings its total assets under management to $17.8 billion. Fidelity’s FETH has $3.35 billion in assets.
This year, Ethereum ETFs have experienced substantial growth, supported by the ongoing rally in the crypto market, which has propelled Bitcoin (BTC) to new heights.
Inflows surged this week as investors have turned their attention to cryptocurrencies as a safe-haven option during the government shutdown. These inflows also followed an ADP report indicating a weakening labor market in September, where over 36,000 jobs were lost, increasing expectations for interest rate cuts by the Federal Reserve.
Technical analysis of Ethereum price
The daily chart shows that ETH has seen a rebound, rising from $3,800 in September to over $4,500. It successfully breached the crucial resistance level at $4,106, the peak reached last December.
The coin has now created a bullish flag pattern, resembling a flag in motion. This includes a vertical rise followed by a descending channel that forms the flag structure.
Ethereum’s price is currently just below the upper limit of the flag while remaining above the significant pivot reversal indicated by the Murrey Math Lines tool.
As such, the coin is likely to continue its ascent, with bulls targeting the essential resistance level at $5,000. A breakthrough at that point could indicate further increases toward $5,625.
