Ethereum Nears $2,700... ETF Sees $143.8 Million Inflow, Whales Accumulate 34,422 ETH

▲ Ethereum (ETH)/ChatGPT Generated Image ©

Ethereum (ETH) surged over 4% in a single day, nearing a breakthrough of $2,700. The upward momentum was fueled by a renewed inflow of institutional funds into Ethereum spot ETFs, coupled with the purchase of 34,422 ETH by a large whale and the breach of key technical resistance levels.

According to CoinMarketCap, a cryptocurrency market data aggregator, on September 21 (local time), Ethereum recorded a 4.84% increase over the past 24 hours, reaching $2,699.28. While the overall cryptocurrency market rose by 4.35%, Bitcoin (BTC) also climbed by 4.2%, supporting the broader market's strength. Notably, US Ethereum spot ETFs, which had seen outflows for three consecutive trading days, experienced a net inflow of $143.8 million on September 18, indicating a resurgence in institutional demand.

Among the ETFs, BlackRock's ETHA saw an inflow of $114.32 million. On-chain data also revealed that a whale purchased 34,422 Ethereum units over the past 24 hours, increasing buying pressure. CoinMarketCap identified the simultaneous recovery of institutional and whale demand, following a volatile macroeconomic environment, as key drivers of this rally. However, it noted that it is necessary to monitor daily fund movements this week to determine whether the ETF fund inflow is a one-time rebound or a sustained trend.

Technical trends have also turned bullish. Ethereum surpassed its 50-week moving average, located at approximately $2,542, and then broke through the $2,672 Fibonacci retracement level, which had acted as resistance for several days. The 24-hour trading volume also surged by 46.77%, indicating expanded trading alongside the price increase. Analysis suggests that if the weekly closing price remains above $2,672, it could be a signal confirming the sustainability of this breakout.

If $2,672 solidifies as a support level, the next target range is set at $2,950-$3,000. Notably, the Binance heatmap shows liquidity concentrated between $2,900-$3,000, suggesting that a move above this range could accelerate the uptrend due to short position liquidations. Conversely, if $2,672 fails to hold, the breakout level could revert to resistance, with $2,440-$2,480 identified as a key support zone. A breakdown below this could open up further correction possibilities down to $2,350.

CoinMarketCap assessed that the current Ethereum rally is supported by institutional fund inflows, whale purchases, and technical breakouts. In the short term, the key variables are the defense of the $2,672 level and the sustained net inflow into Ethereum spot ETFs. If both conditions hold, a retest of $3,000 becomes possible, but if new buying pressure weakens, the recently breached levels could be retested.

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