Ethereum is gathering more than $109 million in ETF inflows as institutions move from Bitcoin. Can ETH break through the $3,000 mark this week?
Institutional investors are increasingly putting a strain on Ethereum as the crypto market gradually gains momentum and suggests a potential bullish recovery. With BlackRock supporting Ethereum over Bitcoin, is ETH likely to exceed the $3,000 threshold this week?
BlackRock transfers capital from Bitcoin to Ethereum
On June 3, the total daily net inflows to US Ethereum Spot ETFs reached $1943 million, marking the 12th consecutive day of active inflows. BlackRock led the day’s activities with an influx of $77.06 million.
Meanwhile, on May 30th and June 2nd, BlackRock Bitcoin ETF registered a massive spill totaling $561 million. However, at the end of the most recent trading day (Tuesday), BlackRock’s Bitcoin ETF reported a positive inflow of $58 million.
Notable, this figure is still lacking compared to the influx into the Ethereum ETF. Some analysts have interpreted this as an indication that BlackRock is restructuring its holdings, shifting funds from Bitcoin to Ethereum in preparation for a potential Altcoin season.
On-chain data refers to an expanded ETH rally
According to Intotheblock’s Global In/Out of the Money (GIOM) indicator, Ethereum’s immediate resistance zone is between $2,726 and $2,856. It includes approximately 4.13 million ETH, held by 2.7 million investors.
Meanwhile, the current Money Out-Out-The Money Zone holds a significant supply of 10.77 million investors, ETH 1,232 million, with an average acquisition price of $2,613.
Ethereum’s upward trend is likely to continue as money zones represent much larger supply than immediate resistance zones.
Alphractal CEO predicts the Ethereum Breakout Rally
In a recent tweet, Alphractal CEO Joao Wedson highlights what he’s done from Ethereum Market Makers. He shares a 3-month aggregated liquidation heatmap, with significant accumulation at lower levels suggesting the possibility of a large breakout movement, depending on the duration of the accumulation stage.
Wedson is forecasting a price target of $2,830 after a breakout of over $2,660. He also identified potential stop loss levels at $2,556.
Ethereum price analysis
On the daily chart, Ethereum showed growth of over 1% on Wednesday, surpassing its weekly profit of over 3%. However, ETH is $2,395 within the integration range between the 38.2% Fibonacci levels and $2,699 at the 50% level.
The recent bullish crossover between the 50-day and 100-day EMA supports short-term recovery. Additionally, daily RSIs show bullish spikes.
According to Fibonacci levels, breakouts above the 50% level could pave the way for a $3,000 test, tailoring Fibonacci levels at 61.8%. Ethereum could target the 78.6% level for $3,436 if the recovery is further extended.