Ethereum fund inflows rise sharply as institutional investors kickstart reaccumulation

Ethereum investment products have recently witnessed significant inflows as institutional investors begin to accumulate ETH. Digital asset investment products recorded inflows of $75.3 million last week.

Ethereum inflows break nine-week spell of outflows

Inflows into Ethereum investment funds witnessed a massive uptick last week, attracting $20.9 million worth of capital. ETH funds finally broke a nine-week spell of outflows, suggesting that institutional investors are reaccumulating tokens at last.

Cryptocurrency investment products registered $75.3 million worth of inflows, according to data from CoinShares. 

There are some regional variances, with $5.5 million of outflows recorded in the Americas, while $80.7 million of inflows recorded in European investment products.

However, the recent inflows still remain relatively low in comparison to the inflows recorded in the fourth quarter of 2021. 

Multi-crypto investment products have gained popularity, with inflows reaching $19 million last week.

Ethereum price faces tough obstacles

Ethereum price has formed a positive outlook as the token formed an ascending parallel channel on the 12-hour chart. The bullish target projected by the governing technical pattern is at $3,585, coinciding with the 127.2% Fibonacci extension level.

The toughest hurdles for Ethereum price are at the 21 twelve-hour Simple Moving Average (SMA) at $3,039, coinciding with the 78.6% Fibonacci retracement level, then at the 100 twelve-hour SMA at $3,103.

ETH/USDT 12-hour chart

Ethereum price may face an additional challenge at the resistance line given by the Momentum Reversal Indicator (MRI) at $3,354 before ETH reaches the optimistic target at $3,585.

If bullish momentum falters, Ethereum price may drop toward the lower boundary of the prevailing chart pattern at $2,887, then toward the 61.8% Fibonacci retracement level at $2,851.