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Some analysts are eying an Ether rally above $3,000, but traders may have to wait until October.
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Inflows into Ether exchange-traded funds (ETFs) have turned positive for the first time in over two weeks.
The nine US spot Ether (ETH) ETFs recorded a cumulative $5.9 million worth of net positive inflows, marking the first green day since Aug. 14.
BlackRock’s ETF (ETHA) saw the largest daily inflow of $8.4 million, according to Farside Investors data.
Ethereum ETF Flow (USD, million). Source: Farside Investors
Inflows turned positive thanks to slowing outflows from Grayscale’s Ether ETF (ETHE), which saw the smallest daily outflow in over two weeks, $3.8 million.
However, Grayscale has sold over $2.5 billion worth of Ether since the ETFs started trading on July 23, threatening to introduce more potential selling pressure.
Related: Can Bitcoin get a green monthly close above $64.3K?
Ether price down 25% since ETH ETF launch
Despite widespread expectations around the historic debut of the US Ether ETFs, ETH price has been in a downtrend.
Ether price fell over 25% since the ETH ETFs debuted over a month ago, from $3,441 on July 23 at launch, to the current $2,561, as of 2:14 pm UTC.
ETH/USD, 1-day chart. Source: TradingView
Zooming out, Ether’s price is up nearly 13% year-to-date (YTD) and over 56% during the past year.
Investors anticipated a significant price increase from the launch of the Ether ETFs. For Bitcoin (BTC), spot ETFs accounted for about 75% of new investment in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.
Related: Ethereum whales buy big as ETH bottom approaches, analysts predict
Ether trapped under crucial $2.7K resistance
Ether price remains trapped under the key $2,700 resistance line, according to Aurelie Barthere, the principal research analyst at Nansen onchain analytics platform.
The analyst told Cointelegraph:
“2.7k is the next resistance level for ETH, and there is not enough evidence that it is broken yet. Because price did not hold above this resistance for long enough and with enough volume.”
ETH/USD, 1-day chart. Source: Nansen
A hypothetical rally above $2,700 would liquidate over $362 million worth of cumulative leveraged short positions across all crypto exchanges, according to Coinglass data.
ETH Exchange Liquidation Map. Source: Coinglass
Meanwhile, traders are eying a potential Ether breakout above $3,000 in October, as the market recovers from the summer illiquidity.
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This article first appeared at Cointelegraph.com News
