- Ethereum has broken out of a long-term downtrend channel on its price chart.
- Spot ETH ETFs have seen 15 consecutive days of inflows, totaling over $837 million.
- This convergence of technicals and fundamentals points to a strong bullish outlook.
A powerful convergence of a major technical breakout and relentless institutional demand is building a strong bullish case for Ethereum (ETH). According to an analysis by crypto analyst IncomeSharks, Ethereum has decisively broken out of a long-term downtrend channel, a move that is being supported by a powerful, 15-day winning streak of inflows into spot ETH ETFs.
The technical breakout follows multiple successful defenses of the critical $2,400–$2,500 support zone. With the downtrend now broken, key resistance sits in the $2,800–$2,900 range. The analysis suggests this zone could be the final barrier before a significant retest of the $3,000 level and a potential rally toward the $4,000 resistance area from late 2024.
Spot ETF Inflows Top $837M in 15-Day Winning Streak
The bullish technical picture is strongly supported by fundamental flows. Since May 16, US-based spot Ethereum ETFs have recorded 15 consecutive trading days of inflows, according to Farside data. With another $25.3 million added on June 6 alone, the total inflow since the products launched is now over $3.32 billion.
This consistent, sustained demand for Ethereum exposure stands in sharp contrast to spot Bitcoin ETFs, which have shown inconsistent flow activity over the same period, suggesting a potential rotation of institutional interest toward Ethereum.
Technical Indicators Show Sustained Accumulation by Buyers
Secondary technical indicators further validate Ethereum’s strengthening structure. The Bollinger Bands (BB) on the daily chart show ETH consolidating just above the 20-day SMA at $2,560, with narrowing bands hinting at a potential squeeze breakout.
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The price is holding within the upper half of the BB range, which generally signals strength during consolidation phases.
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Meanwhile, the On-Balance Volume (OBV) remains stable around 10.63 million, suggesting that despite short-term price fluctuations, buyers are steadily accumulating ETH.
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