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BlackRock Dominates Spot ETH ETF Inflows, Ethereum Eyes $5,000
Key Points on Ethereum Institutional Inflows and Price Analysis
- Ethereum's institutional interest is increasing, with US-based Spot ETF trackers reporting another week of inflows.
- BlackRock’s ETHA fund received over half a billion dollars in new investments, capturing the majority of institutional inflows.
- Spot Ethereum ETFs in the US added $556.92 million in inflows last week, marking the second consecutive week of positive inflows.
- Cumulative inflows for these ETFs have reached over $13.9 billion, holding a total of $29.64 billion worth of Ethereum.
- Other issuers experienced mixed results; Fidelity’s FETH saw significant outflows, partially balanced by subsequent inflows.
Technical Analysis and Price Projections
- Analysts observe bullish patterns forming, suggesting potential upward movement towards Ethereum's all-time high.
- VasilyTrader identified a double bottom pattern and breakout from a falling wedge, setting a price target of at least $4,741.
- Ethereum is currently trading at $4,485, with analysts predicting a rise above $5,000 if it stays above $4,400.