Ethereum Price News: ETH Needs to Stay Above $2,300 to Keep Rallying

Ethereum (ETH) has gone up by more than 7% in the past 30 days after breaking past a key resistance at $2,150.

ETH is the best-performing token in the top 5 during this period, followed by Bitcoin, whose 30-day gains currently sit at 6%.

Investors’ sentiment has shifted from bearish to bullish, as tensions in the Middle East have eased and the price of oil has dropped below $90 on Friday.

The Fear and Greed Index has moved from a record low of 5 (Extreme Fear) around two months ago to 54 at the time of writing, meaning that the market has now adopted a Neutral attitude.

Ethereum ETFs Accumulate 7-Day Streak of Positive Net Inflows

The situation in the Strait of Hormuz continues to be tense, volatile, and unpredictable, but the market seems to expect that this conflict will be resolved soon, as President Donald Trump has stated repeatedly.

Inflows to exchange-traded funds (ETFs) linked to Ethereum have been positive for seven days in a row, which is also an early indication of a shift in sentiment.

During this period, these vehicles have brought in $426 million, as investors seem to think that this bear market has reached a tipping point, even though that could be temporary.

According to data from CoinShares, ETF inflows closed last week at $1.4 billion, the highest print since January. This was the third consecutive week of positive net inflows for crypto exchange-traded products (ETPs).

James Butterfill, head of Research for the crypto firm, commented that these strong inflows reflect “continued risk appetite recovery on the US-Iran ceasefire extension talks, reinforced by Bitcoin’s break above US$76,000 mid-week, its highest level since the February crash.”

RSI Breaks Key Level and Confirms Bullish Outlook

Heading to the daily chart, we got a bullish breakout above $2,150 on April 7 and retested that mark just a few days after. Buying interest persisted, pushing ETH to $2,400, where the selling pressure rose.

The Relative Strength Index (RSI) rose to 66 at some point in the past few days, indicating that bullish momentum is gaining traction. A move above this mark is typically considered a “buy” signal, which means that today’s pullback could be considered a buying opportunity.

In the past 24 hours, ETH has retreated by around 1%, but trading volumes have subsided to around $18 billion.

We are seeing some buying interest at $2,300, but could still see ETH dropping to $2,220 as the market needs further liquidity to break the $2,400 sell wall.

As we have stated in previous price predictions, our target for ETH in the mid-term is $2,800, meaning a 22% from 27% upside potential depending on your entry.

ETH Needs to Stay Above $2,300 to Keep Rallying

Heading to the 4-hour chart, we got 5 consecutive buy signals. This is a clear indication that volumes favor bulls, as institutional players have been consistently buying.

Our signals system picks up specific candle patterns featuring above-average trading volumes that tend to confirm breakouts and rejections of key levels.

We got two of these buy signals at $2,300, making this the most relevant support to watch in the near term. In the past 12 hours, the price has bounced off this mark. If we break past $2,400, the road should be paved for a move toward $2,800 during the week.