Weekly Ethereum ETFs Inflows Turn Positive as Ethereum Price Eyes $3,000 Retest
Ethereum ETFs have rebounded from Monday’s steep decline, with weekly volume turning positive despite broader market uncertainty. Tuesday’s Ethereum price recovery suggests a bullish trend forming, with traders looking forward to a potential breakout above $3,000.
Ethereum ETFs Score $49M Weekly Inflows
After performing dismally since their launch in July, ETH ETFs are back in the green, with Monday’s net inflow volume reaching $49 million. Based on ETF data from SoSoValue, this marked a significant improvement from Friday’s $54.3 million in total net inflow.
Negative flows characterised the weeks that ended on August 2 and July 26, narrowing the chances of a breakout to $4,000 while increasing downside risk. Ethereum price lost several support areas at $3,300 and $2,400 but recollected $2,100 on Monday ahead of the ongoing trend reversal.
It is essential for the ETF to continue receiving positive flows, which will boost investor morale and increase demand for ETH, supporting a sustainable uptrend.
Ethereum Price Jumps Above $2,500, What’s Next?
After successfully defending the $2,100 support level, traders initiated buying, driving the ETH price rebound. This momentum shift, confirmed by the Money Flow Index (MFI) moving from oversold into neutral territory, propelled the Ethereum price above $2,500. A daily close above $2,500 is required to validate the bullish thesis to $3,000, at which point bulls will resolve to take a breather before proceeding with the push to $3,500.
The IOMAP model from IntoTheBlock reveals robust support between $2,292 and $2,368. Approximately 1.7 million addresses that purchased almost 50 million ETH in the range are profitable and unlikely to sell, betting on an extended rally. The model indicates decreasing resistance levels, suggesting the possibility of a sustained rally beyond $3,000.
Conversely, a previous ETH price forecast confirmed that a death cross pattern in the daily time frame could complicate the situation for the bulls, hindering further uptrend above $2,500. A breakdown of the current support level ($2,500) could reignite a bearish descending triangle pattern, potentially extending the price decline toward $1,600.
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