Ethereum Price Prediction as Inflows Surge to $29 Million – Can ETH Hit $5,000 This Month?
The Ethereum price has bounced by 5% in the past 24 hours, hitting $2,411 as the cryptocurrency market as a whole has actually dipped by 0.1%.
ETH’s move today means it is now up by 1.5% in a week and by 7.5% in the last 30 days, with the biggest altcoin in the market also sitting on an 81% gain in the past year.
These moves come as weekly Ethereum inflows top $29 million, according to the latest CoinShares data, making ETH the most popular altcoin among funds.
And with the market hoping for a big surge in the event of Bitcoin ETF approvals today, the Ethereum price could rally strongly very soon.
More than most other major coins, ETH really looks like it’s on the brink of making strong price gains in the next few days.
Its RSI (purple) has just risen back up to 60, a sure sign of increasing momentum, particularly after the indicator dropped below 50 a few days ago.
At the same time, ETH’s 30-day average is climbing more steeply again after slacking in recent days, another indicator that buying pressure is growing for the coin.
One of the encouraging signs as far as ETH is concerned, is that its support level (green) has risen consistently in recent weeks, implying that even if it doesn’t rally continuously, it’s not going to fall hard anytime soon.
And as the latest CoinShares report makes clear, ETH is the most popular alt in the market this week, with its inflows comfortably exceeding those of its nearest rival, Cardano (ADA).
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