Ethereum price approaches $2,400 as ETFs hit six-day inflows streak

cryptonews04-17 18:28

Ethereum price climbed to an intraday high of $2,375 on Friday as Ethereum ETFs continued to draw steady institutional interest. Summary Ethereum price climbs to $2,375 as spot ETFs extend inflow...

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The largest altcoin in the market was up 1% over the past 24 hours and up over 7% in the past 7 days.Ethereum price rallied as institutional investors continue to show steady demand for the token.As such, Ethereum price is expected to break $2,400 soon and potentially move towards the next key resistance target of $2,600. However, if the tok","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1611":"加密货币现货ETF","BK4601":"加密货币现货ETF","ETHA":"以太坊ETF-iShares","SETH":"1倍做空以太币期货ETF-Proshares","ETCO":"Grayscale Ethereum Covered Call ETF","ETQ":"T-Rex 2X Inverse Ether Daily Target ETF","ETHI":"Defiance Leveraged Long Income Ethereum ETF"},"translate_title":"ETF连续六天流入，以太币价格接近2,400美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SETH":0.6,"ETHA":1.87,"ETQ":0.6,"ETCO":0.6,"ETHI":0.6},"content_text":"Ethereum price climbed to an intraday high of $2,375 on Friday as Ethereum ETFs continued to draw steady institutional interest.\n\n\nSummary\n\n\n\nEthereum price climbs to $2,375 as spot ETFs extend inflow streak to six days, drawing nearly $300 million and signaling renewed institutional demand.\nImproving macro sentiment, including easing U.S.-Iran tensions, and continued whale accumulation are strengthening bullish expectations.\nETH nears a breakout above $2,400, with technical indicators pointing to a move toward $2,600, while $2,200 remains key downside support.\n\n\n\nAccording to data from crypto.news, Ethereum (ETH) price was trading at $2,375 last check on Friday, April 17. The largest altcoin in the market was up 1% over the past 24 hours and up over 7% in the past 7 days.\nEthereum price rallied as institutional investors continue to show steady demand for the token.\nAccording to data from SoSoValue, the 10 U.S. spot Ethereum ETFs recorded $18 million in net inflows on April 16, led by BlackRock’s ETHA.\nNotably, these institutional products experienced back-to-back inflows for the sixth straight trading day, drawing in nearly $300 million in the period.\nAlthough the flows have been moderate in nature when compared to the beginning of the year, when these products drew in over $100 million a day, they suggest that institutional investors are starting to accumulate the asset with renewed confidence.\nWith reports suggesting that the U.S. and Iran could end their ongoing conflict soon, Ethereum ETFs could see a boon in investor sentiment as capital flows back into riskier assets.\nMeanwhile, Ethereum treasury firm Bimine has also been aggressively building its holdings with its most recent purchase completed on Monday, April 13. At the moment, the firm holds roughly 4% of the total circulating supply, which brings it very close to its goal of owning at least 5%.\nChairman Tom Lee, in the meantime, has noted that Ethereum is very close to exiting its long crypto winter after it formed a solid bottom recently.\nThis has fueled bullish expectations across the broader market as whales continue to lock up supply for the long term.\nEthereum price analysis\nOn the daily chart, Ethereum price is close to breaking out of the horizontal resistance line at $2,400, a level where it previously faced significant selling pressure.\nEthereum price and MACD chart — April 17 | Source: crypto.news\nThe 50-day SMA is closing in on a bullish crossover with the 100-day SMA, a sign that the medium-term momentum is shifting in favor of the buyers.\nAdditionally, the MACD lines have pointed upwards, which means that the bullish trend is gaining strength, and volume is supporting the current price action.\nAs such, Ethereum price is expected to break $2,400 soon and potentially move towards the next key resistance target of $2,600. However, if the token’s price falls below $2,200, it could invalidate the current bullish setup and lead to a retest of lower support levels near $2,000.\n\n\n\n\n\n                Read more:\n            \n\n                Sanctioned crypto exchange Grinex suspends trading after $14M hack            \n\n\n\n  \n\n            Disclosure: This article does not represent investment advice. 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