Eth Gains On Monday

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Eth Gains On Monday

Ethereum (Eth) Gains 6.5% On Monday

Ethereum (ETH) has managed to stabilize near the $2600 handle on Tuesday after gaining almost 6.5% on Monday. The gains from Monday allowed the Ethereum (ETH) to break several resistance levels.

An improvement was also seen in the Ethereum-based ETFs, while the open interest also surged higher. All of this is a sign that buying activity has once again resumed in the ETH. This also means that the current rally in Ethereum (ETH) will continue.

$17 Million Worth Of Inflows Into Eth Etf

The daily gains in the Ethereum (ETH) were the highest in the last 2 months and show a big trend shift. According to data, $17 million in inflows were recorded in the US Ethereum ETF. A look at the ETF flow data shows that the sentiment has also improved.

If the current trend of positive inflows into the Ethereum ETF continues, the demand for the ETH will increase. A direct result of this development will be higher ETH prices.

Ethereum Coinbase Premium Index, which is managed by CryptoQuant, also shows signs of recovery. However, it is still below the neutral levels, which means some more bullish action will be needed to push it beyond the neutral level.

The chart of Ethereum (ETH) shows that it has already crossed the $2461 resistant level and rallied by 6.5%. In the process, Ethereum (ETH) has also closed above the 50 EMA on the D1 chart.

Right now, Ethereum (ETH) is trading near the $2600 with a mildly bullish bias. On the way down, the first support is at $2535 in the form of 50 EMA. If the current momentum continues, Ethereum (ETH) could also target the $2820.

Also, the MACD indicator shows a bullish crossover on the Ethereum (ETH) D1 chart. In fact, a buy signal is already generated by the MACD, as even the histogram bars are now bringing above the neutral line. The RSI on the Ethereum (ETH) chart is around 59, which is also above the neutral level (50).

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