Latest data shows that the spot Ethereum exchange-traded fund (ETF) attracted a net inflow of $138.2 million in the past 24 hours, marking the highest single-day inflow since February 25.
Meanwhile, Grayscale's ETH and ETHE funds brought in $15.4 million and $9.4 million, respectively, while Fidelity's FETH experienced an outflow of $35.4 million, partially dampening the overall inflow increase.
This continued inflow has resulted in these investment products seeing inflows for six consecutive days, attracting a total of over $385 million during this period. On a weekly basis, the Ethereum ETF has recorded positive inflows for the fourth consecutive week, totaling nearly $440 million.
As market attention on Ethereum intensifies, Bitmine—a leading Ethereum vault company chaired by Fundstrat's Tom Lee—is actively advancing its ETH accumulation strategy, a move made against the backdrop of increasing macroeconomic and geopolitical uncertainties in the Middle East.
The market is currently awaiting the Federal Reserve's upcoming interest rate decision, with expectations that the Federal Open Market Committee (FOMC) will maintain the current interest rate range of 3.5% to 3.75%. Data from the CME FedWatch tool indicates that the probability of pausing interest rate hikes exceeds 98%.
ETH Price Analysis
On the 4-hour chart, ETH price has been trading within an ascending parallel channel since mid-February of this year. A breakout above the upper boundary of this pattern has historically indicated a positive momentum reversal. Currently, the ETH price is approaching this upper boundary breakout.
ETH price has crossed the middle band of the Bollinger Bands at $2,261 and is gradually approaching the upper limit of $2,435.
Therefore, the ETH price is expected to break the psychological resistance of $2,400, with the next target pointing towards $2,435. If bullish momentum continues, this upward trend could extend to levels as high as $2,751. This target is calculated by adding the height of the ascending channel to the breakout point.
Meanwhile, if it fails to maintain the support level at $2,262, it could lead to a price pullback to the lower boundary of the current channel.