Key takeout
- ETH has grown by 8% over the last 24 hours and is currently trading above 3K.
- If daily candles exceed $3k, the coins could ralend towards $3,700 in resistance.
Ether reaches 3k dollars following strong ETF and influx of Treasury
Ether, the second largest cryptocurrency by market capitalization, was one of the best performers of the top 10 cryptocurrencies. The ether was above the $3K resistance level as Bitcoin hit its all-time high above $118K.
At press, the price of ether was $3,001, up 7.7% over the last 24 hours. Positive performance comes from strong purchasing pressure across ETH Exchange-Traded Funds (ETFs) and Crypto Treasury Companies.
Bloomberg ETF analyst Eric Balknath revealed on Thursday that the US Spot Ethereum ETF recorded a net inflow of $22,132 million on Wednesday, recording four consecutive days of positive flows totaling $46,863 million.
BlackRock’s iShares Ethereum ETF (ETHA) has averaged four times the volume of over $800 million a day in the last two days, analysts said.
“Given the prices are rising too, we can see the thick flow over the next few days. He added.
ETH’s eyes are $3,700 as bullish bias grows
The ETH/USD 4-hour chart is bullish but inefficient, suggesting that the pair can clean up liquidity on the downside before continuing the rally. The technical indicators are bullish and suggest a strong purchasing bias.
The RSI of 86 indicates that ether is heading towards the area where it is currently bought. The MACD line is also within the positive zone, with buyers in solid control of the market. The pair also shows an upward trend of green histogram bars above the neutral zero line, suggesting that bullish momentum gains traction and continues the upward trend.
If the ETH is closed above the $3K resistance, you can extend the rally and target the next day’s resistance for $3,700. If the rally continues, ETH could surpass the $4,100 high achieved in December 2024.
However, if ETH faces rejection with a $3K resistance, it could potentially retest support and ILQ levels at $2,770 in the next few hours.