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- Ethereum ETFs attract substantial inflows but face resistance near $2,799.
- ETH may consolidate around $2,000-$2,100 before a potential upward move.
In a turn of events, Ethereum ETFs have seen massive inflows amid Bitcoin outflows, as detailed in a previous CNF post. Ethereum (ETH) is down 1.7% on Wednesday, despite positive signs from lower Consumer Price Index (CPI) inflation data and rising ETF inflows.
The US CPI fell to 2.9% YoY, below expectations, increasing the likelihood of a Federal Reserve rate cut. This environment could favor risk assets like cryptocurrencies, potentially benefiting ETH. As of now, ETH is trading at $2,625.23, having decreased by 4.14% in the past day but surged by 7.81% in the past week.
Additionally, according to a recent CNF update, a financial analyst predicted that Ethereum ETFs are on track to amass a staggering $10 billion in assets under management (AUM) by the end of the year.
Ethereum ETFs saw notable inflows recently, with $24.3 million on Tuesday, including $49.1 million into BlackRock ETHA.
However, technical analysis reveals ETH struggling around a key trendline and facing rejection near the $2,799 resistance level. Historical patterns suggest ETH may consolidate before a potential rally, possibly revisiting the $2,000 to $2,100 range before making a significant move upward.
