In the latest ETH News, Barely a day after recording more than $1 Billion in exchange outflows, Ethereum ETFs just reported their third largest day of inflows and technical analysis indicates it may be primed for a bullish reversal.
Investor sentiment towards Ether is changing and turning bullish if Ethereum ETF inflow reports and technical analysis of the coin price action are anything to go by.
First, Ethereum ETFs in the US witnessed their third-largest day of net inflows for the digital asset – exceeding $307 Million.
The record-setting inflows came barely a day after reports emerged that traders had withdrawn more than $1 billion of the largest altcoin from exchanges following the tariff-inspired market crash earlier in the week.
By sucking the liquidity of the market, traders sent ETH on free-fall and it crashed through it the $3,000 psychological barrier before settling around the seven-month lows of $2,700.
The positive news sent ETH prices on a short-lived uptrend, helping it reach above $2,869, but as the excitement died, so did the bullish momentum, and the coin slipped back to the $2,700 level.
READ – The Latest Ethereum (ETH) Price Prediction >>
Is ETH Ready for a Bullish Reversal?
On the 4-hour time chart, ETH’s relative strength index shows that the top altcoin dipped as low as 16 at the height of the market crash. This is indicative of a significantly oversold market condition and possible undervaluation.
Since then, the RSI has been rising steadily and currently hovers around 40, hinting at a growing bullish momentum.
ETH Price Targets
The majority of forecasters agree that ETH prices will remain uptrending over the longer term. They also expect the FUD that has gripped the crypto market to continue causing significant volatility for the top altcoin.
A proper confirmation of a bullish momentum for ETH would be a break above the support-turned-resistance level of $3,000.
A slip below the current support of $2,600 would, however, empower the bears ready to drive ETH prices towards $2,400 or $2,200.
At the time of writing, ETH is 3.87% down in the last 24 hours to trade at $2,717.
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