Ethereum exchange-traded fund issuers are ramping up purchases as the asset’s price shows signs of recovery.
Over the past few days, millions worth of Ethereum have been added to the portfolios of several ETF issuers. According to on-chain tracker Arkham Intelligence on Aug. 28, BlackRock recently purchased around $550 million worth of ETH.
Ethereum price recovers to $4,571: technical analysis shows $5,000 target within reach
Key resistance is around $4,800, with support at $4,460 and further down at $3,900. The relative strength index (RSI) is at 57, showing there is still room for upside before ETH enters overbought territory.
With steady ETF inflows and whale accumulation, the ongoing rebound may not be over. If the current accumulation continues, ETH could be setting up for another test of the $4,800–$5,000 price range in the near term.
