Following the confirmation of Pectra Mainnet Launch on 07th May by Ethereum, its native token “ETH” has witnessed a positive reaction from the cryptocurrency community. This action has led into the top altcoin retesting its important resistance/support trendline of $1,800.
Reportedly, the Ethereum price has been constantly underperforming over the past 45 days, raising concerns about the future prospects of this project and the smart contracts. This has led to it dropping over 50% in valuation from its yearly peak price.
However, the upcoming upgrade could act as a catalyst in the ETH price regaining momentum and kickstarting the prolonged Altcoin season this quarter. Let us now understand the Ether ETF flow, market sentiments, and possible short-term ETH price prediction.
Ethereum ETF Breaks its Outflow Streak, Adds Over $38 Million!
After recording a negative outflow for 15 days or since 08th April, the Ether ETF on 22nd displayed a positive flow. Reportedly, 2 out of 9 ETFs have recorded a positive flow, whereas 7 ETFs displayed a neutral flow. On the other hand, no ETH ETFs including Grayscale witnessed a negative flow during this period.
Fidelity’s “FETH” recorded the highest inflow with $32.7 million, followed by Bitwise’s “ETHW” with $6.1 million. With this, the 2nd largest crypto Exchange Traded Funds (ETFs) had concluded the day with a net flow of +$38.74 million.
ETH Price On The Verge Of A Major Breakout!
Ethereum price today has retested the $1,800 mark for the first time in about 18 days, indicating an increase in the buying pressure. Notably, this altcoin has recorded a trading volume of $25.43 billion, a jump of 21.22% in 24 hours. With a listed value of $1781.64, it has a market cap of $216.86 billion.
The technical indicator MACD has displayed a constant rise in the ETH coin price chart. On the other hand, its average trendlines record a significant rise in the daily time frame. This suggests a positive outlook for the largest altcoin by market cap this week.
Furthermore, the Simple Moving Average (SMA) has successfully witnessed a positive convergence with a strong support around its $1,628 mark. Considering the ongoing sentiments, the price of Ethereum may continue building momentum in the upcoming time.
How High Will Ethereum Go?
If the cryptocurrency market favors the bulls, this could result in the Ethereum coin price breaking out of its important resistance level of $1,800 and head toward its upper high of $2,000. Assuming that the bullish sentiment intensifies at that point, it could push the value toward its key resistance of $2,100.
Conversely, if this altcoin faces rejection around its $1,800 level, the Ethereum price could immediately drop toward its low of $1,600. Moreover, if the bearish sentiment gains traction, the price of ETH token could plunge toward its crucial low of $1,500.
