Ethereum price approaches $2,400 as ETFs hit six-day inflows streak

Ethereum price climbed to an intraday high of $2,375 on Friday as Ethereum ETFs continued to draw steady institutional interest.

Ethereum ( $ETH ) price was trading at $2,375 last check on Friday, April 17. The largest altcoin in the market was up 1% over the past 24 hours and up over 7% in the past 7 days.

Ethereum price rallied as institutional investors continue to show steady demand for the token.

According to data from SoSoValue, the 10 U.S. spot Ethereum ETFs recorded $18 million in net inflows on April 16, led by BlackRock’s ETHA.

Notably, these institutional products experienced back-to-back inflows for the sixth straight trading day, drawing in nearly $300 million in the period.

Although the flows have been moderate in nature when compared to the beginning of the year, when these products drew in over $100 million a day, they suggest that institutional investors are starting to accumulate the asset with renewed confidence.

With reports suggesting that the U.S. and Iran could end their ongoing conflict soon, Ethereum ETFs could see a boon in investor sentiment as capital flows back into riskier assets.

Meanwhile, Ethereum treasury firm has also been aggressively building its holdings with its most recent purchase completed on Monday, April 13. At the moment, the firm holds roughly 4% of the total circulating supply, which brings it very close to its goal of owning at least 5%.

Chairman Tom Lee, in the meantime, has noted that Ethereum is very close to exiting its long crypto winter after it formed a solid bottom recently.

This has fueled bullish expectations across the broader market as whales continue to lock up supply for the long term.

Ethereum price analysis

On the daily chart, Ethereum price is close to breaking out of the horizontal resistance line at $2,400, a level where it previously faced significant selling pressure.

The 50-day SMA is closing in on a bullish crossover with the 100-day SMA, a sign that the medium-term momentum is shifting in favor of the buyers.

Additionally, the MACD lines have pointed upwards, which means that the bullish trend is gaining strength, and volume is supporting the current price action.

As such, Ethereum price is expected to break $2,400 soon and potentially move towards the next key resistance target of $2,600. However, if the token’s price falls below $2,200, it could invalidate the current bullish setup and lead to a retest of lower support levels near $2,000.

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