Ethereum Price Rally: Bulls Eye $3,400 Amid Strong ETF Inflows
Ethereum (ETH) is gaining momentum as traders set their sights on a $3,400 price target. This surge is supported by robust inflows into Ether ETFs and aggressive accumulation by Ethereum treasury companies. Despite resistance above $3,000, the sustained bullish sentiment underscores market confidence in Ethereum’s upward potential.
Drivers Behind Ethereum’s Growth
- Data from Farside Investors reveals over $1 billion has entered Ether ETFs since July 9.
- Ethereum treasury companies have added more than 545,000 ETH to their holdings in the past month.
Technical Analysis and Price Outlook
Ethereum finds initial support at $2,879, with a secondary level at $2,738. A bounce from these levels could propel ETH beyond the $3,083 resistance, aiming for $3,400. Conversely, a fall below the 20-day exponential moving average ($2,734) might lead to a retreat toward $2,500.
Market Sentiment and Institutional Interest
“The significant ETF inflows and corporate purchases reflect strong institutional confidence in Ethereum,” noted a market analyst. This sentiment is a key factor in the current bullish outlook for ETH.
