Ethereum nears $3,000 as ETF inflows fuel rally

Ethereum is now testing the key $3,000 resistance level, buoyed by strong capital inflows into spot ETH ETFs. Despite broader market volatility, traders are still accumulating long positions, thus signaling bullish sentiment, FXStreet reports.

The surge in institutional demand has driven substantial investment growth. On Wednesday alone, US Ethereum ETFs saw net inflows of $211.32 million. Notably, BlackRock’s iShares ETH ETF attracted over $800 million in just two days, underscoring rising institutional interest.

Moreover, five Nasdaq-listed firms, including SharpLink Gaming, Bit Digital, and GameSquare, announced plans to allocate a combined $1 billion to token-based treasury strategies, which will further support demand.

Analysts suggest that ETH's next moves will hinge on macroeconomic trends, particularly Fed policy. A sustained break above $3,000 could lead to new yearly highs. But if the crypto pulls back, it might find solid support near $2,800.