Ethereum price may be on the verge of a big breakout as ETF inflows soar and as it forms a highly bullish chart pattern. ETH was trading at $2,485, up by 80% from its lowest point this year. Let’s explore why the ETH price may surge soon and why Bitcoin Pepe offers strong returns.
Ethereum Price Could Surge as ETF Inflows Rise
Wall Street demand for Ethereum ETFs is rising strongly, a sign that these investors expect it to keep rising.
SosoValue data shows that Ethereum ETFs had over $11.25 million in inflows on Thursday, the 15th consecutive day of gains. These funds added over $255 million cumulatively, with the iShares Ethereum ETF (ETHA) assets jumping to over $3.8 billion.
These investors are buying Ethereum likely because they believe it is cheap and poised to soar. Santiment data shows that it has a MVRV ratio (Z score) of minus 0.34, down from this week’s high of 0.08. The MVRV ratio is a metric that compares the market value and the realized value of an asset.
Ethereum has a positive funding rate, a sign that investors anticipate that future prices will be higher than current ones. Also, it has a big market share in industries like decentralized finance (DeFi), real-world asset (RWA) tokenization, and nonfungible tokens.
Read more: Ripple ETF Inflows Hit Record Low—What’s Next for XRP Price?
ETH Price Has Strong Technicals
The daily chart shows that the ETH price has strong technicals that may push it higher in the coming weeks. First, the coin has formed a golden cross pattern as the 50-day and 200-day Weighted Moving Averages (WMA) have formed a bullish crossover. This pattern often leads to a strong bullish breakout over time.
Ethereum price is also on the process of forming a bullish flag pattern. This pattern is made up of a vertical line that acts as a flag pole, and a rectangle formation that acts as a hoisted flag.
In this case, the flag is about $1,345 tall, which is established by subtracting its lower side from the upper one. The upper side of the bullish flag is about $2,750, giving it a target of $4,095.
Read more: Cardano Price Prediction: Top 4 Reasons to Sell ADA Today
Bitcoin Pepe Offers Strong Returns
While Ethereum has bullish prospects, Bitcoin Pepe, a crypto project currently in its presale, has better upside to go. Data on its website shows that it has raised over $14 million in funds from investors, and its trajectory is accelerating as the listing day approaches.
Bitcoin Pepe has gained traction from investors because of its approach. Its goal is to become biggest layer-2 network in the Bitcoin network. Unlike Stacks, which focuses on areas like DeFi and tokenization, Bitcoin Pepe is purposefully built for meme coin trading.
Meme coins have become a big business, with all those tracked by CoinGecko having a market cap of over $60 billion. This trajectory will continue growing as meme coins offer one of the best returns.
The next big catalyst for Bitcoin Pepe will happen mid this month when the developers will unveil the final listing date. In a recent statement, they noted that they were holding talks with some of the top exchanges that have confirmed that they will list it, which may trigger more gains over time.
