🚨 Ethereum price targets $5k as ETH ETF inflows jump by $556m
🔹Despite a temporary slowdown in price movement, Ethereum’s position in the market continues to strengthen. With cumulative ETF inflows now surpassing $13.9 billion, institutional investors are increasingly viewing ETH as a highly liquid alternative asset.
🔹The surge in Ethereum stablecoin supply, combined with Ethereum’s dominant role in decentralized finance (DeFi) and its growing total value locked (TVL) of $207 billion, points to a potentially bullish breakout.
🔹Ethereum has formed a bullish pennant pattern, setting the stage for a price target of $4,945, and potentially as high as $5,000 if momentum continues.
📈 Ethereum price bullish pennant forms
🔹The daily timeframe shows that ETH price rally has stalled in the past few weeks. It has remained above the 50-day and 100-day Exponential Moving Average and the key support at $4,106, the highest point in December last year.
🔹The coin has slowly formed the bullish pennant pattern, which is made up of a vertical line and a symmetrical triangle. It is also above the Ichimoku cloud indicator.
🔹Therefore, Ethereum price will likely have a strong bullish breakout, with the initial target being at $4,945, the all-time high. A move above that price will point to more gains, potentially to the psychological point at $5,000.
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