Ethereum Price Stalls, Yet ETFs Fuel Massive Accumulation
On Saturday, September 20, the price of Ethereum declined as the current positive trend came to a standstill. Following the Federal Reserve’s interest rate announcement, sentiment in the cryptocurrency market soured, and the price surge paused. Nevertheless, data indicate that this week saw Ethereum ETFs continuing to accumulate assets. All spot Ether ETFs had an increase in assets of $556 million over the course of the week, according to SoSoValue. After these funds contributed $637 million in the previous week, it was the second week in a row. The total inflows reached over $13.9 billion as a result of these flows.
Ethereum Stablecoin Supply Surges to $164B After Policy Shift
In recent months, Ethereum ETFs have experienced rapid growth. The fact that American institutional investors view it as a very liquid alternative asset could be one factor. Additionally, after Donald Trump signed the GENIUS Act, which controlled the stablecoin market, its inflows increased. Since then, the quantity of Ethereum stablecoin has increased to more than $164 billion. Over the past 30 days, its adjusted transaction volume has increased by 71% to $901 billion.
Ethereum Price Eyes $4,945 ATH as Bullish Pennant Forms
The ETH price increase has paused in recent weeks, according to the daily timeframe. It has maintained its position above the critical support at $4,106, which was the peak in December of last year, as well as the 50- and 100-day Exponential Moving Averages. The bullish pennant pattern, consisting of a symmetrical triangle and a vertical line, has been gradually formed by the coin. Additionally, it is higher than the Ichimoku cloud sign. As a result, there will probably be a significant bullish breakout in the price of Ethereum, with the all-time high of $4,945 as the first target. More advances, maybe reaching the psychological point at $5,000, will be indicated by a rise over that price.
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