Key Insights
Spot Ethereum ETFs recorded $1.01 billion in single-day inflows. This is more than the Bitcoin ETF flows in the same timeframe.
Ethereum’s price has risen by around 45% in the last 30 days amid strong bullish signals.
Analysts are predicting that ETH could reach $6,000 soon and could hit as high as $20,000 within a year.
Spot Ethereum exchange-traded funds (ETFs) recorded their largest single-day net inflow on Monday. In total, they raked in $1.01 billion across all funds.
This marked a massive milestone for Ethereum, with inflows that beat the Bitcoin ETFs, which only brought in $178 million on the same day, according to Farside Investors.
BlackRock’s iShares Ethereum Trust ETF (ETHA) led the surge and attracted $640 million in new capital. The Fidelity Ethereum Fund (FETH) followed with $277 million and also set a personal record for daily inflows.
The surge in ETF inflows came alongside multiple bullish indicators for Ethereum. Over the past 30 days, ETH has gained 45%, according to CoinMarketCap data.
One of the strongest signs is the amount of ETH held on exchanges, which fell to 15.28 million ETH last Thursday, or the lowest level since November 2016.
According to insights from market analyst Ali Martinez, the last four months have seen long-term Ethereum holders go from capitulation to belief.
On-chain analytics platform Token Terminal also shows that Ethereum is still the leader in terms of tokenized assets. This network now accounts for around 58% of the total across all blockchains.
Additionally, staked assets on the Ethereum network have broken above $150 billion for the first time.
Ethereum’s price recently climbed above $4,330, which is its highest since December 2021. Many analysts are now watching for a break above the all-time high of $4,950.
According to Ali Martinez in a separate post, Ethereum’s breakout above the $4,000 zone has now designated the $5,210 and $6,946 price levels as the next major targets for the asset, based on its pricing bands.
According to analyst Lord Hawkins, ETH is breaking out of a Wyckoff Accumulation pattern, which is a market structure that often comes before large rallies.
For context, ETH has moved above the $4,200 resistance zone, known in Wyckoff theory as the “Sign of Strength” (SOS). This could be followed by a brief pullback, or “Last Point of Support” (LPS), before the next leg up.
Based on the range height, this setup supports Ali’s and points to a $6,000 target.
Analysts Crypto Rover and Titan of Crypto believe that ETH is breaking out of a multi-year symmetrical triangle pattern between $4,000 and $4,200. Historically speaking, breakouts from this formation tend to lead to a move equal to the triangle’s maximum height.
In this case, Ethereum could be looking towards $8,000 in the next few months.
Historical patterns are in support of this view. For example, in April 2020, ETH broke out of a similar triangle and rallied by over 950%. This means that if history repeats, the asset could be in for some more outperformance against Bitcoin.
Analyst predicts a price target of $20,000 for ETH | X
According to analyst Nilesh Rohilla, there is a recurring “bottom retest” pattern in Ethereum’s price history. Similar setups showed up in January 2017 and April 2020 and led to rallies of 8,000% and 950%, respectively.
April, of this year in particular, ETH bounced strongly from the $1,750–$1,850 range after echoing those previous retests. This means that if history repeats, the asset could be looking at a run toward at least $10,000 and possibly $20,000 within six to eight months.
While the sentiment around Ethereum has been very positive lately, some analysts are urging investors to be cautious.
The recent rally has attracted short-term traders, who tend to take profits when prices rally to certain levels.
Still, considering the record-breaking ETF inflows and decreasing exchange balances alongside multiple bullish technical setups, the case for higher Ethereum prices is very strong.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.