Ethereum's price is currently $3,042.07, with a 1.57% increase over the last 24 hours. Bulls are targeting $3,400, driven by significant ETF inflows and treasury buying. Here are some key factors contributing to this optimism $ETH
ETF Inflows: US spot Ether ETFs recorded their largest inflows since February 4, with a net inflow of $38.8 million. Fidelity's FETH and Bitwise's ETHW led the charge with $32.7 million and $6.1 million in inflows, respectively.
Treasury Buying: Ether treasury purchases are also fueling the price surge, although specific details on these purchases aren't readily available.#ETHBreaks3k
Market Sentiment: Despite a rejection at the 50-day Simple Moving Average (SMA), Ethereum's Relative Strength Index (RSI) remains above its neutral level, indicating bullish momentum.
Resistance Levels: The cryptocurrency faces resistance at the upper boundary of a descending channel. A break above this level could strengthen bullish pressure and push ETH towards $3,400.
Support Levels: On the downside, ETH needs to hold the $1,688 level as support to maintain its bullish bias
It's worth noting that the current price mentioned in the news ($3.4K target) seems to be an optimistic projection, given the current price of $3,042.07. Keep an eye on ETF flows and treasury buying for further insights
