CandleFocus Ethereum price still weak despite strong ETF inflows
2024-12-11
Author: Content Editor
Ethereum has shown resilience in the face of market challenges, with consistent positive net flows into the asset's exchange-traded funds (ETFs). Daily inflows into Ethereum ETFs in the US reached $305.74 million, bringing cumulative inflows to $1.87 billion. This growth has occurred despite a 7% decline in Ethereum's price over the past three days. Institutional interest in Ethereum has been strong, with positive inflows throughout December. However, Ethereum's price is currently in a delicate position, trading within an ascending broadening wedge pattern, indicating potential volatility. The Fibonacci retracement levels show key support and resistance zones, with Ethereum currently testing the 78.6% level at $3,718. Breaking above this level could lead to a move towards the next resistance level at $4,091. Bearish signals have emerged, but the overall trend for Ethereum remains upward. A breakdown below the lower boundary of the ascending wedge pattern could indicate a bearish reversal.
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