- Ethereum price has rebounded in the past few weeks as ETH ETF inflows jumped.
- The network’s activity continues growing, with transactions and active users rising.
- ETH has flipped the Supertrend indicator from red to green, pointing to more gains.
Ethereum price was flat today, March 18, as the recent crypto market recovery stalled. ETH token was trading at $2,335, up by 35% from its lowest level this year. This recovery may continue as ETH ETF inflows continue and to its role in the crypto industry grows.
Ethereum ETF Inflows are Continuing
ETH price has a major catalyst in that third-party data shows that Wall Street investors are buying the dip despite the ongoing Iran war.
Spot ETH ETFs have added assets in the last six consecutive days, bringing the total inflows to over $11.8 billion. These ETFs now hold over $13 billion, with most of the holders being large institutional investors like Citadel, Jane Street, and Goldman Sachs.
Ethereum ETF inflows will likely continue growing in the coming days, helped by ETHB, the recently launched fund by BlackRock. This fund differs from other Ethereum ETFs in that it enables staking, meaning that its investors will be making a return every month. This explains why it has gained over $203 million in assets since its launch last week.
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ETH price is also benefiting from the ongoing usage of its platform by some of the top companies globally. For example, JPMorgan launched a fund on Ethereum recently and its growth is continuing.
Many developers select Ethereum because of its heritage in the crypto industry, where it has been for over a decade. At the same time, its upgrades like Pascal and Fusaka have made it a cheaper and faster network.
As a result, Nansen data shows that the network had over 11.9 million active users in the last 30 days and handled over 60 million transactions in the same period. It generated over $10 million in fees in the same period, a trend that may continue this year.
Ethereum plans several upgrades this year, including one that will introduce sharding and stealth addresses. Sharding is a technology that makes transactions faster by breaking them into new blocks known as shards. Stealth addresses will bring in the technology that powers Zcash, which enables users to select whether they want their transactions to be public or private.
Ethereum Price Prediction: Technical Analysis
The daily chart shows that the ETH price has staged a strong comeback in the past few weeks despite the ongoing Iran war that has pushed crude oil prices higher. It has jumped above the key resistance level at $2,185, its highest point in March this year.
The coin is nearing the 23.6% Fibonacci Retracement level at $2,500. It has already flipped the Supertrend indicator from red to green and moved above the 50-day Exponential Moving Average (EMA).
Therefore, ETH price will likely continue rising in the coming days or weeks, with the next important target being at the psychological level at $2,500. A jump above that level will point to more gains, potentially to the psychological level at $3,000.
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