Ethereum prices come as bullish breakouts reach $4,000 after forming a golden cross pattern with bullish flags, and the iShares Ethereum ETF approaches a key milestone.
Ethereum (ETH) was trading for around $2,500 on its final check on Saturday.
The potential catalyst for ETH is the continuous influx of exchange sales funds that have surged over the past few weeks. Sosovalue data shows that these funds have added significant inflows over the past three weeks.
They added $25 million on Friday, the 15th consecutive day of profit, bringing the cumulative inflow to more than $3.3 billion. All of these funds currently hold more than $9.4 billion in assets, equivalent to 3.1% of Ethereum’s market capitalization.
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The Ishares Ethereum ETF, whose ticker symbol is ETHA, is gradually approaching a $5 billion milestone with a cumulative inflow of $4.85 billion. This growth comes as BlackRock is the biggest name in the ETF industry, trading at a 0.35% discount on net asset value.
The rise in Ethereum ETFs is noteworthy as they are an indirect signal that American institutional investors are buying.
More data shows that Ethereum’s network is on track. For example, total value locked into a decentralized financial ecosystem has increased 26% to $130 billion over the past 30 days. That bridged TVL moved to around $400 billion, while stubcoins within the network jumped to $125 billion.
Ethereum price technology analysis
ETH Price Chart | Source: crypto.news
Daily charts show ETH prices skyrocketed in May, reaching a high of $2,743, coinciding with a 50% Fibonacci retracement level.
It now forms a bullish flag pattern, a general bullish continuation symbol. The length of this flag pole is about 50%, and when measuring the distance from the breakout zone, the target price is $4,097. This goal coincided with the highest score of 2024.
Another bullish case is that Ethereum prices formed a golden crossover as the weighted moving averages of 50 and 200 days intersect each other. This crossover often leads to more profits. For example, it happened last November and triggered a 35% jump.
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