Ethereum price remains weak despite strong ETF inflows

Ethereum has shown resilience in the face of recent market challenges, as evidenced by continued positive net flows into exchange-traded asset funds.

according to Data From Farside Investors, Daily Ethereum Spot Flows (Ethereum) US ETFs rose to $305.74 million, bringing cumulative inflows to $1.87 billion.

This significant growth occurred despite the Ethereum price falling by 7% over the past three days.

These investment products opinion Their highest cumulative weekly flow was last week. Interestingly, inflows were consistently positive throughout December, confirming strong institutional interest.

For example, December 6 recorded $83.76 million in inflows, while December 5 saw a higher number of $428.44 million, representing a new ATH in net inflows. Total net assets now stand at $12.46 billion, representing an addition of $1.33 billion in December alone.

Meanwhile, Ethereum price Currently in a sensitive situation. The asset is trading within a broadening rising wedge pattern, a formation that usually indicates potential volatility.

Ethereum is currently trading for $3,688 at the time of reporting, down 1.27% over the past 24 hours. Despite the downward movement, the altcoin king maintains his position inside the wedge.

It is worth noting that the Fibonacci retracement levels show the main support and resistance areas. Ethereum is currently testing the 78.6% level at $3,718. If the price fails to hold this level, the next support lies at the 61.8% retracement level at $3,425.

On the upside, a break above $3,718 could pave the way for a move towards $4,091, the next critical resistance level.

Moreover, with the Directional Movement Index, the +DI fell to 22.1, while the -DI rose to 20.6, indicating increasing downward pressure. Meanwhile, the ADX stands at 37.4. A continued decline in +DI combined with a rise in -DI could decisively turn the bearish momentum around.

Despite this Bearish signalsThe overall trend for Ethereum remains bullish. The lower border of the rising wedge pattern is currently acting as a vital support level. A break below this trend line could signal a bearish reversal and could lead to a retest of lower support areas such as $3,220 or $3,014.