ETH news update: Will Ether ETF buying help bulls secure close above $2.7K?

Key point:

• Ether aims to establish a new trend, but bulls need to secure a daily close above $2,635 first.

Ether’s price has been in a range for several days, but institutional investors seem to be silently accumulating. Ether exchange-traded products (ETPs) recorded $225 million in inflows for the trading week ended Friday, according to CoinShares data. It was the 11th successive week of inflows into Ether ETPs.

Could sustained buying into Ether ETPs propel the price above the overhead resistance? Let’s analyze the charts to find out.

Ether price prediction

Ether has been maintaining above the 20-day exponential moving average ($2,507) for the past few days, indicating a positive sentiment from traders.

The bulls will have to quickly push the price above the $2,635 level to open the doors for a rally to the overhead resistance of $2,738. Sellers are expected to pose a strong challenge in the $2,738 to $2,879 zone.

On the downside, a break and close below the 20-day EMA suggests the bulls have given up. That increases the risk of a drop to the solid support at $2,323. Buyers are likely to emerge between $2,111 and $2,323.

The pair has formed a symmetrical triangle pattern on the 4-hour chart, indicating indecision between the bulls and the bears. The advantage will tilt in favor of the bulls on a break and close above the triangle. If that happens, the pair could surge toward the pattern target of $2,751.

Instead, if the price turns down and breaks below the triangle, it signals that the advantage has tilted in favor of the bears. The pair may then fall to the target objective of $2,364.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.