ETH news update: Ether rangebreak possible due to spot ETF inflows
ETH price has been range-bound under $2,500 despite continuous inflows into spot Ether exchange-traded funds (ETFs) for the last seven weeks. Institutional demand is rising, as data shows a positive trend in ETF flows. Recently, significant Ethereum withdrawals occurred, with about 95,920 Ether unstaked, and a large amount deposited in exchanges possibly for sale. Analysis indicates that if the ETH price breaks above the 50-day simple moving average (SMA) of $2,528, it could rise to $2,738 and eventually $2,879. Conversely, a drop below the support level of $2,323 may lead to a plunge to $2,111. Currently, ETH has been stuck within a range of $2,376 to $2,521, indicated by flattening moving averages and a neutral RSI. The next decisive move will likely occur once the price clearly breaks above $2,879 or below $2,111.
Source đź”—