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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
