Ethereum Price News: ETH-Linked ETFs Report $148M in Inflows – Consolidation Could End Soon

Ethereum (ETH) has booked gains of 2.6% in the past 7 days and has outperformed Bitcoin (BTC) during this period.

Data from Farside investors shows that ETH-linked spot ETFs attracted net inflows of $148.5 million yesterday after multiple companies announced that they were launching treasury initiatives focused on this token.

These investment vehicles have attracted net inflows of nearly $331 million in the past 7 days as institutional interest in cryptos seems to be rising.

ETH Daily Net Inflows – Source: Farside Investors

Blackrock’s iShares Ethereum Trust ETF (ETHA) continues to lead the pack in assets under management and daily inflows with $4.6 billion, followed by the Grayscale Ethereum Trust ETF (ETHE), which currently oversees $3.5 billion.

Meanwhile, data from CoinShares indicates that year-to-date (YTD) net inflows for ETH surged to $2.9 billion, including $429 million last week.

Robinhood Picked Arbitrum For its Proprietary Blockchain

This week, Robinhood announced a collaboration with Ethereum’s top layer-2 chain, Arbitrum, to launch tokenized U.S. stocks for its European customers.

If this materializes and these tokenized assets run on Ethereum, transaction volumes for the network could skyrocket.

In addition, the approval of a Solana staking ETF this week could mark a pivotal moment in crypto’s ongoing push to enter traditional markets as the U.S. Securities and Exchange (SEC) had previously discarded the possibility of allowing staking vehicles.

However, under the leadership of a new Chairman, the pro-crypto Paul Atkins, the SEC seems to be more open than ever to let the market be the ultimate judge of how far crypto adoption has gone.

Moving Average Compression Confirms Ongoing Consolidation

Looking at the daily chart, we can see that ETH remains in consolidation after it managed to bounce off the lows seen in late June when tensions in the Middle East reached a tipping point.

ETH/USD Daily Chart (Coinbase) – Source: TradingView

The $2,100 level was the line in the sand for buyers at this point and the price seems to be eyeing a retest of the $2,700 – $2,800 area after this bounce.

All of ETH’s moving averages we observe regularly (9, 21, and 200-day EMAs) have converged, meaning that the price has entered a stage of consolidation/accumulation ahead of its next move.

Whatever comes next would be critical to determine where ETH could be heading in the next few weeks as deep-pocketed players seem to be amassing big volumes at this level.

If the price breaks above this key resistance at $2,800, we could witness a big move toward the $4,000 level to retest ETH’s all-time high, which would be consistent with Bitcoin’s behavior.

Meanwhile, a break below $2,100, which seems highly unlikely at the moment unless some black swan event pops up, could push ETH to $1,750.

The most likely scenario at this point is that ETH continues to consolidate for a while between this tight range before a solid breakout.

Golden and death crosses of moving averages are not too reliable right now as the direction of the current price trend is yet to be determined.

Heading into the weekend, the hourly price chart shows that ETH broke below a key area at $2,500 and the downtrend could accelerate during the weekend if the price fails to recapture this level over the next few hours.