Ethereum price has moved sideways in the past two months, even as on-chain data sends bullish signals. ETH was trading at $2,450, up by 15% from its lowest level in March. This article explains why ETH price may be on the cusp of a bullish breakout. Ethereum ETF inflows are soaring The first main bullish aspect for Ethereum is that investors are actively accumulating the coin. A good example of this is the ongoing exchange-traded funds (ETF) inflows. SoSoValue shows that these funds had inflows of over $283 million last week, a big increase from $40.2 million in the previous week. Its ETF inflows have jumped in the last eight consecutive weeks, a sign that investors are buying. This increase has brought the cumulative total to $4.21 billion and the total assets under management to $10.3 billion. BlackRock’s ETHA has over $4.4 billion in assets, while Fidelity’s FETH has $1.25 billion. Ethereum stablecoin network is growing Meanwhile, Ethereum’s stablecoin growth is continuing. Data shows that the stablecoin supply in Ethereum rose slightly in the last 30 days to $127 billion. This increase brought the number of stablecoin addresses to 2.5 million, up by 40% from the previous period. Ethereum’s stablecoins had over 17.6 million transactions, up by nearly 20% from the previous period. This growth brought the total adjusted transaction volume to $559 billion, up by 192% MoM. This is a good performance because stablecoins have become the fastest-growing section in the crypto market. Tether (USDT) has the biggest market share in the network followed by USD Coin and Ethena’s USDe. ETH whales are accumulating The other catalyst for Ethereum price is that whales have continued to accumulate the token. Santiment data shows that holders with between 10 million and 100 million coins now hold 63.98 million coins, a big increase from January’s 55 million. Similarly, those holding between 100k and 1 million coins hold 19.4 million coins, up from 17.1 million early last month. The same is true with whales holding between 10k and 100k tokens, who have continued to add into their positions. Whale accumulation is a sign that these investors anticipate the price to bounce back over time. Falling ETH balances on exchanges More data reveals that the amount of ETH tokens on exchanges has been in a downward trajectory this year. There are now 7.7 million tokens in exchanges, down from 9.75 million in February. Falling exchange volume is a sign that investors are not selling their coins and are moving them to self-custody wallets. It is one of the most bullish signs in fundamental analysis. ETH balances and whale purchases | Source: Santiment Ethereum price technical analysis ETH price chart by TradingView The daily chart suggests that the ETH price has bounced back in the past few months. It jumped from a low of $1,388 in April to a peak of $2,867 in May. It is consolidating at the 50-day and 200-day Exponential Moving Averages (EMA), a sign that it may form a golden cross pattern. It has also formed a bullish flag pattern, a popular bullish reversal sign. Therefore, Ethereum price will likely continue rising as bulls target the key resistance level at $2,867, the highest point in May. A break above that level will point to more gains, potentially to the resistance level at $3,000. The post Ethereum price prediction amid ETF inflows, whale accumulation appeared first on Invezz
