Ethereum Price Prediction: ETH Bulls Aim to Reclaim $3k as Institutional Inflows Fuel Bullish Momentum

As the price of Ethereum holds the $2,600 ground level, the intraday recovery aims for a breakout rally to challenge the overhead trendline at $3,000.

Ethereum price holds above the $2,600 support zone, aiming for a breakout rally to challenge the overhead trendline at $3,000.

After falling 1.14% last night, the total crypto market liquidation rises to $282 million in the last 24 hours. Despite the rising liquidations, Ethereum manages to continue its short-term consolidation.

After showing a lower price rejection near $2,600, Ethereum regains bullish momentum. Currently, the ETH token trades at a market price of $2,710 with an intraday recovery of 1.05%.

institucional inflows fuel etherum bullish momentum

Institutional demand for Ethereum remained on February 18, aiding the bullish recovery. The daily total net inflow into the U.S. Ethereum spot ETFs was $4.60 million.

Fidelity was the sole buyer among the nine ETFs, acquiring $4.60 million, bringing its total net inflow to $1.52 billion.

On-Chain Metrics Signal Shifting ETH Market Sentiment

Highlighting the institutional support, a recent tweet by Santiment adds to the long-term bullish sentiment for Ethereum. It showed that the average fee for Ethereum transfers has dropped to $0.41.

Compared to a two-year high of $15.21, this marks a significant decline in the average transfer fee.

While this decline may lead traders to adopt a more bearish outlook on Ethereum in the short term, the lower costs encourage new buyers to enter the market, indicating that the network is not excessively congested.

Ethereum Eyes an Ascending Triangle Breakout

In addition to the on-chain indicator, crypto enthusiast Ted Pillows has pointed out a powerful trend in Ethereum. An ascending triangle pattern on the two-week price chart shows a strong support trendline holding Ethereum’s price action.

With a recent reversal from the local support trendline, Ethereum is now aiming to challenge the global ceiling at $3,971.

Hence, Ethereum could be set to revisit the $4,000 zone, increasing the likelihood of a breakout rally if the altcoin season resumes.

Crucial Resistance and Support Zones Defining ETH Next Move

As mentioned in our last Ethereum price analysis, the consolidation pattern remains intact, and the $2,750 supply zone continues to act as immediate resistance. A bullish breakout above this level is likely to challenge the overhead trendline near the $3,000 psychological mark.

On the other hand, a closing price below $2,600 will likely test the local immediate support level of around $2,400.

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