Technical Summary: The primary trend of Etherium is bullish. On the 4H chart, the prices boosted after taking support of Fib extension 0.0 (4157) since Monday. During the Asian session today, the prices tested record highs of 4682. However, the crypto has accepted the resistance at Fib extension 0.618 (4651), creating an immediate narrow zone between 4651 & 4565. Mild corrections are possible till the immediate support, but the overall bias remains bullish, far resistance at 4800 (very close to the all-time high made during Nov 2021).
Descriptive Analysis: Ether exchange-traded funds (ETFs) experienced a record-breaking $1.02 billion inflow in a single day. This marks the largest single-day entry ever for Ether ETFs. Bitcoin ETFs also showed strong performance with $178 million in net inflows. Both markets reported zero outflows and vigorous trading activity. Blackrock played a significant role in the $1 billion Ether ETF surge, while Bitcoin ETFs continued their upward trend.
Data-related Projection: With no major data releases today, traders are looking ahead to tomorrow’s U.S. PPI report for fresh cues. Etherium will move on its own fundamentals as market sentiment remains cautious but supported by expectations of a softer dollar.
Indicator Interpretation: Mild corrections are possible as the indicators are trending in the overbought zone, but the overall bias remains bullish.
ALTERNATIVE SCENARIO
Technical Confirmation: If Etherium remains able to breach the immediate support level of 4565, and sustains lower, then prices might correct further till the middle Bollinger band near 4400-4330.
Facts & Figures: There are over 122 million Ethereum tokens in circulation – over 10 times more than Bitcoin. The coin was created in 2013 and launched in 2015 in Switzerland by eight people
Daily Pivot: 4435 (CMP is 4613 & prices are trading above the pivot level while writing the report).
