Ethereum (ETH) has been attempting to breach key resistance levels, eyeing the $3,000 mark as the next significant target. The altcoin’s price has been steadily moving upward, with bullish sentiment gaining momentum as investors increase their participation.
With growing investor interest, Ethereum’s upward movement toward $3,000 is becoming more likely.
Ethereum Sees Massive ETF Inflows
Ethereum’s spot exchange-traded funds (ETFs) have seen substantial inflows this month, with 145,000 ETH, valued at over $387 million, entering these funds. This marks a significant increase, with inflows already seven times higher than those observed in January. These inflows signal growing institutional and retail interest in Ethereum, highlighting its increasing traction in the market.
This strong accumulation trend suggests that Ethereum is gaining momentum, supported by both retail and institutional investors. If these inflows continue to rise, it could push Ethereum closer to key resistance levels, propelling the price toward new highs. The intensifying interest is a strong indicator of continued bullish behavior in the market.
Ethereum Spot ETF Inflows. Source: Glassnode
The broader macro momentum of Ethereum continues to show strength, with an increasing interest in the cryptocurrency from investors. The supply of Ethereum on exchanges has been decreasing rapidly, with just 6.38% of the total supply remaining on exchanges. This marks the lowest exchange supply since Ethereum’s genesis, signaling that more investors are holding ETH rather than selling it.
In addition, Ethereum’s social dominance in the community has risen to 9.2%, further indicating that more investors are focusing their attention on the altcoin. This increase in social dominance reflects rising awareness and interest, which, coupled with the reduction in supply on exchanges, strengthens the outlook for Ethereum’s price and long-term growth potential.
Ethereum Accumulation And Investor Interest Rises. Source: Santiment
ETH Price Prediction: Flipping Resistances Into Supports
Ethereum is currently trading at $2,670, holding steady above the support level of $2,654. The altcoin is working to breach the next resistance at $2,793, which would pave the way for an upward movement toward the $3,028 mark. This price level represents a key hurdle for ETH to overcome in its journey toward $3,000.
If Ethereum successfully breaches the $2,793 resistance and flips it into support, it could reignite investor optimism. This bullish move could send the price higher, with $3,303 as the next potential resistance. Securing the $2,793 level as support would likely enhance the confidence of investors, further accelerating Ethereum’s rally.
Ethereum Price Analysis. Source: TradingView
However, if Ethereum fails to breach $2,793, the price may continue consolidating within the current range. In this scenario, Ethereum could remain vulnerable to a pullback, potentially sliding to $2,546 or lower, invalidating the bullish outlook. A failed breakout would keep Ethereum in a prolonged consolidation phase, delaying the next major price movement.
