Ethereum price approaches $2,400, ETF sees six consecutive days of capital inflows

Ethereum price rose to a daily high of $2,375 on Friday, as Ethereum ETFs continue to attract steady interest from institutional investors.
Ethereum( $ETH ) price traded at $2,375 during the last check on Friday, April 17. The largest altcoin in the market has increased by 1% in the past 24 hours and over 7% in the past 7 days.
As institutional investors continue to show stable demand for the token, Ethereum's price is rising.
According to SoSoValue data, on April 16, ten spot Ethereum ETFs in the U.S. recorded a net inflow of $18 million dollars, led by BlackRock's ETHA.
Notably, these institutional products have experienced capital inflows for six consecutive trading days, attracting nearly $300 million dollars during this period.
Although these inflows are more modest compared to the beginning of the year, when these products attracted over $100 million dollars daily, it indicates that institutional investors are starting to accumulate the asset with renewed confidence.
Reports suggest that the U.S. and Iran may soon end ongoing conflicts, and as capital flows back into risk assets, investor sentiment toward Ethereum ETFs could be boosted.
Meanwhile, Ethereum fund companies are also actively increasing their holdings, with the most recent purchase completed on Monday, April 13. Currently, the company holds about 4% of the circulating supply, approaching its minimum target of 5%.
Chairman Tom Lee also pointed out that Ethereum is very close to breaking free from a prolonged crypto winter, having recently formed a solid bottom.
This has fueled bullish expectations across the market, with whales continuing to lock in supply for long-term holding.
Ethereum Price Analysis
On the daily chart, Ethereum's price is approaching the resistance level of $2,400, which previously faced significant selling pressure.
The 50-day Simple Moving Average (SMA) is approaching a bullish crossover with the 100-day SMA, indicating medium-term momentum is tilted toward buyers.
Additionally, the MACD line is upward, signaling that the bullish trend is strengthening, supported by volume that also backs the current price movement.
Therefore, Ethereum's price is expected to soon break through $2,400 and possibly move toward 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 retest support levels near $2,000.