ETH Price Rally- Peter Brandt and ETFs Signal Growing Momentum for Ethereum
ETH Price Rally– Peter Brandt, a seasoned commodities trader known for his critical stance on Ethereum, has surprised the crypto community by highlighting a bullish breakout on ETH’s chart. Despite his preference for Bitcoin, Brandt shared an analysis using Ethereum’s monthly chart, noting a strong upward move from $2,498 to $2,710 on the hourly timeframe.
Breakout noted on Ethereum.
Analysts Urge Caution Above $2,750 Resistance
Crypto analyst Ali Martinez added a layer of caution to the excitement. In a separate tweet, Martinez noted that Ethereum needs to “sustain a close above $2,750” to confirm a true bullish trend.
If ETH fails to maintain above $2,750, we could see a pullback to $2,500 or even $2,380.
This key resistance level remains a pivotal point for Ethereum’s short-term momentum.
Spot Ethereum ETFs See $17.3 Million Inflows
Meanwhile, interest in Ethereum is also growing among institutional investors. On June 6, nine spot Ethereum ETFs recorded a net inflow of 6,819 ETH, worth approximately $17.3 million. BlackRock’s iShares Ethereum Trust (IBIT) led the charge, bringing in 6,356 ETH, valued at over $16 million.
Invesco Galaxy Ethereum ETF followed with 543 ETH in inflows. However, Grayscale’s Ethereum Trust and its Mini Trust reported small outflows of 78 and 2 ETH, respectively.
While the market sentiment remains mixed, rising ETF interest and technical breakouts may point to further ETH developments on the horizon.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
