Ethereum has attracted over $109 million in ETF inflows as institutions shift from Bitcoin. Can ETH break through the $3,000 mark this week?
As the crypto market gradually gains momentum, hinting at a potential bullish recovery, institutional investors are increasingly loading up on Ethereum. With BlackRock now favoring Ethereum over Bitcoin, could ETH cross the $3,000 threshold this week?
BlackRock Shifts Capital from Bitcoin to Ethereum
On June 3, the total daily net inflow into U.S. Ethereum spot ETFs reached $109.43 million, marking the 12th consecutive day of positive inflows. BlackRock led the day’s activity with $77.06 million in inflows.
Meanwhile, on May 30 and June 2, BlackRock Bitcoin ETF registered massive outflows totaling $561 million. However, at the close of the most recent trading day (Tuesday), BlackRock’s Bitcoin ETF reported a positive inflow of $58 million.
While notable, this figure still falls short compared to the inflows into its Ethereum ETF. Some analysts interpret this as a sign that BlackRock is restructuring its holdings, shifting funds from Bitcoin to Ethereum, in preparation for a potential altcoin season.
On-Chain Data Points to an Extended ETH Rally
According to IntoTheBlock’s Global In/Out of the Money (GIOM) indicator, Ethereum’s immediate resistance zone lies between $2,726 and $2,856. It contains about 4.13 million ETH held by 2.7 million investors.
Meanwhile, the current out-of-the-money zone holds a significantly larger supply, 12.32 million ETH held by 10.77 million investors, with an average acquisition price of $2,613.
Ethereum’s uptrend will likely continue because the at-the-money zone represents a much larger supply than the immediate resistance zone.
Alphractal CEO Predicts Ethereum Breakout Rally
In a recent tweet, Joao Wedson, CEO of Alphractal, highlighted activity from Ethereum market makers. He shared a three-month aggregated liquidation heatmap, noting significant accumulation at lower levels, suggesting the potential for a major breakout move, depending on the duration of the accumulation phase.
Wedson projects a price target of $2,830 following a breakout above $2,660. He also identified a potential stop-loss level at $2,556.
Ethereum Price Analysis
On the daily chart, Ethereum showed over 1% growth on Wednesday, pushing weekly gains above 3%. However, ETH remains within a consolidation range between the 38.2% Fibonacci level at $2,395 and the 50% level at $2,699.
A recent bullish crossover between the 50-day and 100-day EMAs supports a short-term recovery. Additionally, the daily RSI indicates a bullish spike.
According to Fibonacci levels, a breakout above the 50% level could pave the way for a test of the $3,000 mark, aligning with the 61.8% Fibonacci level. Ethereum could target the 78.6% level at $3,436 if recovery extends further.
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