Ethereum Breaks Ten-Day Drought with $20 Million in Inflows

Ethereum has successfully ended a streak of ten consecutive days marked by substantial outflows, witnessing a significant inflow of $20 million. This shift reflects a revival of investor confidence as the crypto community anticipates the upcoming White House Crypto Summit, set for March 7.

At the moment, ETH is trading at $2,290, having experienced a 4% rise in price over the last 24 hours. The broader market is showing signs of bullish momentum, suggesting that Ethereum could continue its upward trajectory in the short term.

Significant Spot Inflows Indicate a Shift in Sentiment

Data from Coinglass illustrates that Ethereum's inflows amounted to $20 million on Thursday, following ten days of outflows that added up to more than $600 million. Such a turnaround in inflow pattern indicates a notable change in investor sentiment, as renewed buying interest seems to be replacing previous selling pressure. This rising demand for the cryptocurrency suggests that buyers are eager to acquire ETH at the current market rate, potentially setting the stage for even greater price increases.

Increasing Open Interest and Market Activity

In tandem with the inflows, Ethereum's open interest has also seen an uptick, reaching $20 billion—a 4% increase within the last day. Open interest represents the total amount of derivative contracts, such as futures or options, that remain unsettled. The rise in open interest not only reflects heightened market activity but also signifies increased capital flowing into Ethereum's futures market, reinforcing the current bullish sentiment.

ETH Targets New Price Levels Amid Growing Demand

Technical indicators also support Ethereum’s bullish outlook. The Moving Average Convergence Divergence (MACD) on the daily chart shows signs of increasing demand for ETH as the blue MACD line is close to surpassing the signal line indicated in orange. Such a potential bullish crossover serves as a favorable buy signal, hinting that Ethereum could reach a price level of $2,361 if demand continues to rise.

However, should the market take a downturn, there is a chance that Ethereum's price may dip below the $2,000 mark, with a noted support level around $1,990.