The current price range for Ethereum is just below critical resistance levels as spot ETFs attract billions of dollars to inflows. A strong technical pattern has been formed, particularly with Ethereum’s control across the weekly reversed head and shoulder shoulders of the charts, as well as NFT, defi and tokenized assets, breakouts over $4,100 could pave the way for a surge to $5,000.
summary
- Ethereum prices were stuck in a tough range on Saturday.
- Data shows a surge in Spot Ethereum ETF influx.
- ETH formed a reversed head and shoulder on the weekly chart.
Ethereum (ETH) traded at $3,745 on Saturday, July 26th, a few points below the critical resistance level at $4,100, 172% above the April low.
Ethereum ETF is fired in all cylinders
Sosovalue data shows that Spot Ethereum ETFs are thriving as a demand jump. These funds have flowed in for 11 consecutive weeks. This is a sign that institutional investors are accumulating.
They added more than $1.85 billion in assets this week, bringing the monthly inflow to $5.1 billion. They currently own more than $20.6 billion in assets under management.
BlackRock’s Etha ETF continues to lead the claims with more than $440 million in assets added on Friday. Currently, it holds assets of over $10.69 billion and offers approximately 50% market share.
Fidelity’s FBTC followed, adding $2.3 billion inflows to $2.55 billion in net worth.
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US investors could potentially buy Ethereum as they have a significant market share in the major segment of the crypto industry. For example, this is the most popular chain in the inappropriate token sector, which has 30-day sales jumped 58% to $301 million.
Ethereum is also the most dominant player in the decentralized financial industry, with its value surged to $186 billion, with its advantage reaching 67%. Some of its biggest Defi protocols are Aave, Uniswap, Sky, and Maple Finance.
Ethereum also leads the real-world asset tokenization industry, with total assets exceeding $7 billion. Zksync, the largest player in the sector, has over $7 billion in assets.
Ethereum price technology analysis
ETH Price Chart | Source: crypto.news
The weekly chart shows that ETH prices have been stable over the past few months, approaching $4100 to a critical resistance level. This is the price for makeup or breaks as it is either the neckline in the reverse head and shoulder pattern or the top of the triple top.
Ethereum is above the 50-week index moving average, but its relative strength index is 70 and is approaching an over-acquisition level.
So the most likely scenario is to jump to a psychological point with Ethereum priced at $4,000, followed by $4,100. Moves over $4,100 confirm reverse head and shoulder patterns, potentially referring to $5,000.
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