- Ethereum (ETH) is showing a bullish bias.
- ETH ETF is reflecting early signs of alignment with an upward trend.
- ETH ETF products nearly recorded a 3-day streak of consistent net inflows.
Ethereum (ETH) is showing a bullish bias, with the ETH ETF reflecting early signs of an upward trend. Reports indicate the Ethereum ETF nearly recorded a three-day inflow streak recently for the first time. Crypto analysts see this as a positive sign and a potential turnaround in ETH ETF’s fortunes.
According to the Altcoin Buzz crypto analysis platform, Ethereum ETFs recorded $100,000 in net outflows on September 26, narrowly missing a three-day streak of consecutive net inflows. Data shared by the platform shows only Grayscale recorded outflows on that day, while the overall inflow from other ETF products nearly offset Grayscale’s negative inflow for three days running.
Data from the ETF aggregation platform Soso Value shows that Fidelity and BlackRock led the Ethereum net inflows chart with $15.92 million and $14.85 million in assets on September 26. Other ETF products, including VanEck and Bitwise, recorded below $1 million in daily inflows, leading to a net daily inflow of $43.23 million for Ethereum ETFs.
Sustained positive daily inflows have been rare for Ethereum ETF. This has led to skepticism within the crypto community, with many questioning whether their poor performance reflects institutional investors’ weariness towards the ETF products.
However, most analysts believe the ETH ETFs performed poorly because of external macroeconomic factors affecting global markets. But the ongoing turnaround in the crypto market appears to be influencing other related sectors. Ethereum has climbed above $2,500, reflecting a bullish momentum that could boost the price.
Read also: Ethereum ETFs: Mixed Flows as BlackRock’s ETHA Surges
Ethereum’s price at the time of writing was $2,660, which coincides with the 0.382 Fibonacci retracement level on the ETH/USD daily chart. The flagship altcoin is retesting that level, which marks a historical resistance, for the fifth consecutive day. Most analysts believe Ethereum will break above the level and head upward, given the overall crypto market sentiment.
The upward trend in ETH ETF products contributes to the growing positive sentiment in the crypto market, as most users expect the uptrend to continue in the current bull cycle.
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