Key takeaways
- ETH is up 8% in the last 24 hours and is currently trading above $3k.
- The coin could rally towards the $3,700 resistance if the daily candles close above $3k.
Ether hits $3k following strong ETF and treasury inflow
Ether, the second-largest cryptocurrency by market cap, was one of the best performers among the top 10 cryptocurrencies. As Bitcoin was hitting a new all-time high above $118k, Ether was topping the $3k resistance level.
At press time, the price of Ether stands at $3,001, up 7.7% in the last 24 hours. The positive performance comes thanks to strong buying pressure across ETH exchange-traded funds (ETFs) and crypto treasury companies.
Bloomberg ETF analyst Eric Balchunas revealed on Thursday that US spot Ethereum ETFs recorded net inflows of $211.32 million on Wednesday, marking four consecutive days of positive flows totaling $468.63 million.
According to the analyst, BlackRock’s iShares Ethereum ETF (ETHA) has recorded over $800 million in daily volumes in the past two days, 4x its average.
“Given the price is also up, prob see some chunky flows next couple of days. Decent chance to break single-day record of $292m,” he added.
ETH eyes $3,700 as bullish bias grows
The ETH/USD 4-hour chart is bullish but inefficient, suggesting that the pair could sweep liquidity to the downside before continuing its rally. The technical indicators are bullish, suggesting a strong buying bias.
The RSI of 86 shows that Ether is currently heading into the overbought region. The MACD lines are also within the positive zone, with buyers firmly in control of the market. The pair also shows rising green histogram bars above its neutral zero line, suggesting bullish momentum is gaining traction and continuing an upward trend.
If ETH closes above the $3k resistance, it could extend its rally and target the next daily resistance at $3,700. If the rally continues, ETH could surpass the high of $4,100 achieved in December 2024.
However, if ETH faces a rejection at the $3k resistance, it could retest the support and ILQ level at $2,770 in the coming hours.
