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

With $4.6 billion in assets under management and daily inflows, Blackrock’s iShares Ethereum Trust ETF (ETHA) is the market leader. Grayscale Ethereum Trust ETF (ETHE), which presently manages $3.5 billion, comes in second.

Month-to-date (YTD) net inflows for Ethereum increased to $2.9 billion, including $429 million last week, according to CoinShares data.

Arbitrum was chosen by Robinhood for its proprietary blockchain.

This week, Robinhood revealed that it would be launching tokenized U.S. stocks for its European clients in partnership with Arbitrum, Ethereum’s leading layer-2 chain.

Transaction volumes for the network may increase dramatically if this happens and these tokenized assets are powered by Ethereum.

Furthermore, since the U.S. Securities and Exchange (SEC) had previously rejected the idea of permitting staking vehicles, this week’s acceptance of a Solana staking ETF may be a turning point in the cryptocurrency industry’s continuous attempt to break into traditional markets.

But now that it has a new chairman, pro-crypto Paul Atkins, the SEC appears more willing than ever to let the market determine how far the acceptance of cryptocurrencies has advanced.

Moving Average Compression Confirms Ongoing Consolidation

As we can see from the daily chart, ETH is still consolidating after recovering from the lows that occurred in late June, when Middle East tensions hit a tipping point.

After this recovery, the price appears to be aiming for a retest of the $2,700–$2,800 range, which was the line in the sand for purchasers at this time.

The price has entered a phase of consolidation/accumulation ahead of its next move, as indicated by the convergence of all three of ETH’s moving averages that we constantly monitor: the 9-, 21-, and 200-day EMAs.

Deep-pocketed players appear to be accumulating significant quantities at this point, so whatever happens next will be crucial in determining where ETH may be going in the next weeks.

In line with Bitcoin’s history, if the price breaks over this crucial resistance level around $2,800, we might see a significant advance toward the $4,000 mark to retest ETH’s all-time high.

ETH might reach $1,750 if it breaks below $2,100, which is currently quite improbable unless a black swan event occurs.

Right now, the most likely scenario is that ETH will stabilize for some time between this narrow range before making a strong breakout.

Since the direction of the present price trend is still unknown, moving averages’ golden and death crosses are not very trustworthy at the moment.

The hourly price chart indicates that ETH dropped below a critical milestone at $2,500 as the weekend approaches. If the price is unable to regain this level in the next hours, the downward trend may pick up speed.