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Ethereum Price Forecast: ETH tests $3,000 following strong ETF and treasury inflows

Ethereum price today: $2,920

  • Ethereum has surged over 15% in the past three days, fueled by Bitcoin's rise, ETH ETFs and treasury inflows.
  • Ethereum surpassed $4 trillion in stablecoin transfer volume in Q2.
  • ETH could stretch its rally to $3,200 above the $2,850 resistance, which has held since February 4.

Ethereum (ETH) climbed above $2,900 on Thursday, mimicking the rally seen in Bitcoin. Amid the influence of the top cryptocurrency, strong buying pressure across ETH exchange-traded funds (ETFs) and crypto treasury companies have also pushed up ETH's price.

Ethereum rallies on strong ETF and treasury inflows

Ethereum reached a five-month high of $3,000, seeing over a 6% gain in the past 24 hours and stretching its rally to over 15% in the past three days. The move follows Bitcoin lifting the wider crypto market with its surge to an all-time high above $116,000. While ETH appears to be riding the wave of BTC's rally, it's also seeing several unique bullish catalysts. 

US spot Ethereum ETFs recorded net inflows of $211.32 million on Wednesday, marking four consecutive days of positive flows totaling $468.63 million. Particularly, BlackRock's iShares Ethereum ETF (ETHA) has recorded over $800 million in daily volumes in the past two days, 4x its average, noted Bloomberg ETF analyst Eric Balchunas in a Thursday's X post. "Given the price is also up, prob see some chunky flows next couple days. Decent chance to break single day record of $292m," he wrote.

ETHA Daily Volume. Source: Bloomberg via Eric Balchunas on X

The recent trend of Ethereum treasury vehicles could also be adding firepower to the price action. Since June, five Nasdaq-listed companies, including SharpLink Gaming (SBET), Bit Digital (BTBT), BitMine (BMNR), GameSquare (GAME), and BTCS, have announced ETH treasury plans worth over $1 billion in combined efforts.

The pivot toward ETH in recent months follows progress in cryptocurrency regulations, especially with the GENIUS stablecoin bill, which has already passed the Senate and will be voted on by the House next week. If passed, the bill could accelerate stablecoin development in the US, potentially lifting Ethereum alongside.

Ethereum commands about 50% of the global stablecoin market and reached a record high of over $4 trillion in stablecoin transfer volume in Q2, per Token Terminal's data.

Ethereum Price Forecast: ETH surged above $2,850 resistance, eyes $3,200

Ethereum saw $236.54 million in futures liquidations in the past 24 hours, according to Coinglass data. The total amount of long and short liquidations is $32.27 million and $204.27 million, respectively.

After clearing the upper boundary of a symmetrical triangle pattern, ETH has surged above the $2,850 critical resistance for the first time since February 4 and is aiming to reclaim the $3,000 psychological level.

ETH/USDT daily chart

If ETH maintains the move above $2,850 and clears the resistance near $3,000, it could stretch its rally to $3,200. However, the top altcoin could decline back toward the $2,500 support if it loses the $2,850 key level.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are in their overbought regions, indicating a dominant bullish momentum, albeit with chances of a short-term pullback.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

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