Key takeaways
- ETH has risen 8% in the past 24 hours and is currently trading above $3,000.
- The coin could push toward the $3,700 resistance if daily candles close above $3,000.
Ether hits $3,000 after strong ETF and treasury inflows
Ether, the second-largest cryptocurrency by market capitalization, was among the top performers in the top 10 cryptocurrencies. As Bitcoin reached new highs above $118,000, Ether surged past the $3,000 resistance level.
At the time of writing, Ether is trading at $3,001, a gain of 7.7% over the last 24 hours. The positive move is driven by robust buying pressure across ETH exchange-traded funds (ETFs) and corporate crypto treasuries.
Bloomberg ETF analyst Eric Balchunas reported on Thursday that U.S. spot-Ethereum ETFs recorded net inflows of $211.32 million on Wednesday, marking the fourth consecutive day of positive flows and bringing the four-day total to $468.63 million.
According to the analyst, BlackRock’s iShares Ethereum ETF (ETHA) has seen daily volumes exceeding $800 million over the past two days, roughly four times the average.
“Given that the price is also rising, we’ll likely see some heavy flows over the next few days. There’s a decent chance to break the single-day record of $292 million,” he added.
ETH eyes $3,700 as bullish bias strengthens
The ETH/USD 4-hour chart shows a bullish but inefficient structure, suggesting the pair may sweep liquidity to the downside before resuming its rally. Technical indicators are pointing bullish, indicating a strong buying bias.
An RSI reading of 86 indicates Ether is entering overbought territory. MACD lines are also in positive territory, showing buyers firmly in control. The pair is printing rising green histogram bars above the neutral zero line, signaling growing upward momentum and a continuation of the uptrend.
If ETH closes decisively above the $3,000 resistance, it could extend the rally toward the next daily resistance at $3,700. A sustained breakout could even test or exceed the $4,100 high reached in December 2024.
However, if ETH is rejected at the $3,000 level, it could retest support and the ILQ zone near $2,770 in the coming hours.