BlackRock Leads Spot ETH ETF Inflows With Over $500M, Ethereum Possibly On Track To $5,000

Ethereum’s institutional narrative is strengthening as US-based Spot ETF trackers witnessed another week of inflows last week. BlackRock’s ETHA fund captured the majority of this activity with more than half a billion dollars in new investments, while other ETFs struggled with minor ￰0￱ the same time, technical patterns are aligning with this buying pressure, which has given many analysts confidence that the Ethereum price could be preparing to push towards its all-time high in the coming ￰1￱ Reading: Is XRP Ready For Its Most Powerful Rally Yet? Analysts See $20 Ahead Ethereum ETFs Register Second Consecutive Inflow Week Last week was another positive week for Spot Ethereum ￰2￱ all issuers in the US, Spot Ethereum ETFs added $556.92 million in inflows during the week, making it the second consecutive week of positive institutional ￰3￱ inflows since launch are now over $13.9 billion, and these ETFs now hold $29.64 billion worth of Ethereum.

Interestingly, data from Farside Investor’s Spot ETF tracker reveal that the majority of last week’s institutional inflows went into BlackRock’s ￰4￱ inflow numbers show that BlackRock’s ETHA product absorbed roughly $513 million in net inflows between September 15 and ￰5￱ largest portion came on Monday with over $360 million, followed by another $140 million inflow as the week drew to a close on Friday, which was enough to offset corresponding outflows from every other issuer that ￰6￱ shows how investors continue to favor BlackRock’s offering as the primary gateway for regulated Ethereum ￰7￱ issuers experienced a more mixed week. Fidelity’s FETH product posted sharp redemptions, most notably $53.4 million in outflows on Friday, September 19.

However, these outflows were partially balanced by $159.4 million in inflows on ￰8￱ and Grayscale also witnessed days of inflows, which was enough to cancel out minor outflows during the ￰9￱ Ethereum ETF Flows: Farside Investors Technical Analysis Points To $5,000 Another week of institutional inflow could set the stage for bullish price action in the new week, which in turn would certify a bullish monthly close for Ethereum in ￰10￱ fact, analyses from different analysts have looked at multiple bullish patterns forming across different timeframes on the Ethereum price ￰11￱ particularly notable observation came from VasilyTrader on the TradingView platform, who highlighted encouraging signals on Ethereum’s shorter-term ￰12￱ analysis of the 4-hour candlestick timeframe suggested that the recent pullback has now given way to a bullish ￰13￱ Reading: Bitcoin Is ‘Digital Capital’ That Outpaces Traditional Assets—Michael Saylor He identified a clear double bottom pattern that formed early last week, which was followed by a breakout from a falling wedge formation by Friday’s ￰14￱ on these developments, VasilyTrader set his next price target at no less than $4,741.

Chart Image From TradingView: VasilyTrader At the time of writing, Ethereum is trading at $4,485. According to crypto analyst Daan Crypto Trades, ETH is still on track to reach $5,000 as long as it holds above $4,400. Featured image from Unsplash, chart from TradingView