Ethereum Targets Key $1,800 Resistance Amid Rising ETF Inflows and Technical Indicators

Ethereum (ETH) is currently trading above $1,700, facing a minor dip yet showing potential for recovery supported by significant ETF inflows. Institutional interest surged with $38.8 million entering US spot Ethereum ETFs. Technical indicators suggest a bullish breakout opportunity if resistance levels are surpassed. The upcoming Pectra upgrade is expected to enhance Ethereum’s efficiency and support its price action, while long-term forecasts remain optimistic, targeting over $4,500 by late 2025.

Ethereum (ETH) is presently trading above the $1,700 mark, though it has seen a minor dip exceeding 1.3% over the last 24 hours. Despite this slight setback, indicators suggest a potential recovery, spurred by strong inflows into US spot Ethereum ETFs and optimistic technical assessments hinting at a reversal against the US dollar and Bitcoin (BTC).

Notably, on Wednesday, US spot Ethereum ETFs attracted $38.8 million in inflows, marking the highest inflow levels since February. This influx reflects a significant shift in institutional sentiment, as it is the first net inflow since early April. Prominent contributors include Fidelity’s FESH and Bitwise’s ETHW, which added $32.7 million and $6.1 million, respectively.

Technically, ETH is currently facing resistance as it attempts to break through its 50-day Simple Moving Average (SMA). The price movement has largely adhered to a declining channel since December 16, with bullish indicators prompting a potential breakout above the channel’s upper limit. The Relative Strength Index (RSI) shows considerable positive momentum, while the Awesome Oscillator and Stochastic Oscillator indicate mixed signals, suggesting both opportunities for advancement and possible temporary pullbacks.

On the ETH/BTC front, Ethereum has rebounded by 10.42% from recent lows, indicating a positive divergence on the daily chart. Currently trading at 0.019 BTC, indicators suggest the pair may be bottoming out, having broken through a descending triangle with enhanced volume, targeting approximately 0.02051 BTC.

On-chain data reveals that spot traders may be realising gains despite positive trends from institutional inflows, with exchange net inflows surpassing $150 million in the past two days. However, the market is also experiencing volatility as seen in the $81.82 million liquidated in ETH futures holdings over the past 24 hours.

Looking ahead, the upcoming Pectra upgrade, set for May 7, aims to bolster Ethereum’s network performance. Enhancements will include wallet recovery options, transaction batching capabilities, and increased staking limits, all poised to attract more users and support price stability.

Analytic projections for Ethereum indicate a bullish long-term outlook, with potential price targets of $2,506 and $3,708 before potentially exceeding $4,500 by the end of 2025. Currently, Ethereum is in a consolidation phase, facing immediate resistance at $1,820 and support around $1,740, with its ability to surpass $1,840 critical to maintaining an upward trajectory.