Ethereum price approaches $2400, ETF sees six consecutive days of capital inflows

Ethereum rose to a daily high of $2375 on Friday, as the Ethereum ETF continues to attract steady interest from institutional investors.
Ethereum( $ETH ) price traded at $2375 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.
With institutional investors maintaining stable demand for the token, Ethereum's price is rising.
According to SoSoValue data, on April 16, ten spot Ethereum ETFs in the US recorded a net inflow of $18 million dollars, led by BlackRock's ETHA.
Notably, these institutional products experienced capital inflows for the sixth consecutive trading day, 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 beginning to accumulate the asset with renewed confidence.
Reports suggest that the US and Iran may soon end ongoing conflicts, and as capital flows back into risk assets, investor sentiment towards Ethereum ETFs could be boosted.
Meanwhile, Ethereum fund companies are 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 a resistance level near $2400, 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 towards buyers.
Additionally, the MACD line is trending upward, suggesting the bullish trend is strengthening, supported by volume that also backs the current price movement.
Therefore, Ethereum's price is expected to soon break above $2400 and possibly move towards the next key resistance at $2600. However, if the token's price falls below $2200, the current bullish setup could be invalidated, leading to a retest of support levels near $2000.