Ethereum (ETH) has been navigating turbulent waters, with its price plummeting over 20% from its peak this year, as reported by CoinMarketCap. The broader cryptocurrency market has faced similar setbacks, entering bearish territory. However, recent developments suggest a potential turnaround for Ethereum.
Despite the recent downturn, Ethereum has formed a bullish flag pattern on its weekly chart, indicating possible upward momentum. This technical indicator is often seen as a precursor to price increases. Supporting this optimistic outlook, Ethereum’s exchange-traded funds (ETFs) have seen a significant uptick in activity.
According to data from SoSoValue, spot Ethereum ETFs recorded inflows exceeding $114 million last week. This comes after a period of outflows totaling over $243 million, highlighting a renewed investor interest in Ethereum-based financial products.
Interestingly, Ethereum’s ETF inflows have outpaced those of Bitcoin (BTC), suggesting a shift in investor sentiment towards Ethereum. As of November 2, Ethereum was trading at $3,895, marking a 178% increase from its lowest point earlier this year. This price movement aligns with the observed bullish flag pattern, hinting at further gains.
The market’s focus on Ethereum ETFs underscores a growing confidence in the token’s prospects, despite the overall bearish trend. Analysts believe that the combination of technical indicators and increased ETF inflows could signal a rebound for Ethereum in the near future.
For more details on Ethereum’s recent performance and ETF inflows, visit the original article on CoinMarketCap.
