CandleFocus

Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors

Author: Content Editor
Ethereum (ETH) is experiencing a slight decline in price due to the influx of unstaked ETH worth $300 million hitting the market. Despite this, ETH exchange-traded funds (ETFs) are having their best week ever, with record net inflows of $796.2 million in the past six days. The increase in ETF inflows aligns with the dominance of Ethereum whales in the market, as large transactions of over $100,000 have exceeded 10,000 for the first time since August. However, investors should be cautious as ETH's exchange reserve is increasing, indicating potential selling pressure. Additionally, there has been a net outflow of 94.4K ETH worth over $300 million in staking flows, which could further impact ETH's supply. In other news, asset manager Franklin Templeton has extended its US Government Money Fund to the Ethereum blockchain. ETH is currently trading around $3,110, and if it follows an inverted head-and-shoulders pattern, it could potentially reach $4,522. However, the 14-day Relative Strength Index (RSI) is trending downward, and if it crosses below its moving average line, ETH could decline towards $2,817.

Related News