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Ether markets suggest potential for a rally above $3,000, although traders may need to wait until October for significant movements. For the first time in over two weeks, inflows into U.S. spot Ether exchange-traded funds (ETFs) have turned positive. The nine U.S. spot Ether ETFs collectively recorded $5.9 million in net inflows, marking a notable shift since August 14.
Among these, BlackRock’s {Ethereum} (ETH) reported the largest single-day inflow of $8.4 million, according to Farside Investors data. This positive trend in inflows contrasts with the previously prevalent outflows from Grayscale’s Ether ETF (ETHE), which saw a reduction in outflows to $3.8 million—its smallest in over two weeks.
Despite this positive shift, Grayscale has sold over $2.5 billion worth of Ether since its ETFs began trading on July 23. This substantial selling activity could exert additional pressure on the market.
Ether’s price has experienced a decline of over 25% since the launch of the Ether ETFs. The cryptocurrency, which debuted at $3,441 on July 23, is currently priced around $2,561. Nevertheless, Ether's price has seen an increase of nearly 13% year-to-date and over 56% over the past year.
Initial expectations for the Ether ETFs included a significant price surge similar to the effect seen with Bitcoin. Bitcoin’s spot ETFs contributed approximately 75% of new investment in the cryptocurrency by mid-February as it surpassed the $50,000 mark.
Currently, Ether remains constrained by a critical resistance level at $2,700. Aurelie Barthere, a principal research at Nansen, highlights that breaking this resistance could potentially liquidate over $362 million in leveraged short positions across crypto exchanges. Traders are monitoring the market for a possible breakout above $3,000 in October as the market recovers from summer liquidity challenges.
