#BinanceTurns8 ETH News Update: Will the purchase of Ether ETF help bulls secure a 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.

The price of Ether (ETH) has been range-bound for several days, but institutional investors seem to be quietly accumulating. Ether traded products (ETPs) recorded $225 million in inflows for the trading week ending Friday, according to data from CoinShares. This marked the 11th consecutive week of inflows into Ether ETPs.

Could sustained buying in Ether ETPs push the price above the upper resistance? Let's analyze the charts to find out.

Ether Price Prediction

Ether has held above the 20-day exponential moving average ($2,507) in recent days, indicating positive sentiment among traders.

Bulls will need to quickly push the price above the $2,635 level to open the doors for a rally towards the upper resistance at $2,738. Sellers are expected to present a strong challenge in the $2,738 to $2,879 zone.

On the downside, a break and close below the 20-day EMA suggests that bulls have given up. This 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 ETH/USDT pair has formed a symmetrical triangle pattern on the 4-hour chart, indicating indecision between bulls and bears. The advantage will tilt in favor of the bulls on a break and close above the triangle. If this happens, the pair could surge towards the pattern target of $2,751.

Conversely, if the price falls and breaks below the triangle, this signals that the advantage has tilted in favor of the bears. The pair may then drop to the target of $2,364.