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Presently priced around $4,380, Ethereum (ETH) has recently surpassed the $4,400 resistance boundary, a progression that has ignited renewed enthusiasm among investors despite a slight retracement.
The increase occurred as crypto ETF inflows escalated, institutional interest rose, and market sentiment indicated a possible extended bullish phase. Nevertheless, uncertainties persist about whether ETH can sustain momentum above $4,300 without encountering short-term corrections.
ETH's price continues to trend upwards on the daily chart. Source: ETHUSD on Tradingview
ETF Inflows and Institutional Interest Propel Ethereum’s Surge
The recent upswing aligns with a surge of capital entering Ethereum-centric exchange-traded funds. According to SoSoValue, ETH spot ETFs have recorded more than $80 million in net inflows, marking a successful stretch over three consecutive days.
This momentum underscores Ethereum’s rising attractiveness as the second-largest cryptocurrency and a critical layer for decentralized finance (DeFi) and tokenization.
In the United States, October is referred to as “ETF Month,” as regulators are anticipated to make decisions on several crypto ETFs, including those associated with Solana, XRP, and Dogecoin.
At the same time, regulators in Asian nations like Thailand are developing frameworks to enhance the altcoin ETF landscape. Consequently, Ethereum is widely seen as one of the primary beneficiaries of these institutional offerings beyond Bitcoin.
Technical Perspective: Bullish Yet Overheated
Ethereum’s breakthrough past $4,300 signifies a technical breakout, supported by a substantial rise in trading volumes.
Spot volume escalated to $7.17 billion, whereas futures trading surged to $97.3 billion, with open interest climbing nearly 2% to $59 billion. This indicates that both retail and institutional investors are actively purchasing ETH at the current prices.
On the charts, ETH’s price has diverged from its 30-day moving average around $4,380, reinforcing the bullish sentiment. Nonetheless, the Relative Strength Index (RSI) hovers close to 52, indicating ETH is within a bullish territory.
Historically, this typically leads to phases of consolidation or slight pullbacks as traders secure profits. Immediate resistance lies between $4,450–$4,500, while sturdy support is observed around $4,330–$4,350.
Can Ethereum Maintain Uptober Drive?
The rally signifies a 9.1% weekly gain in ETH’s price, elevating its market capitalization to $531 billion. However, not all indicators are consistently favorable. Analysts caution that staking growth has plateaued at 36 million ETH, ETF inflows decelerated earlier this year before this rebound, and stablecoin liquidity on exchanges has diminished.
These risks underscore the possibility for volatility even as optimism swells. Nonetheless, as long as ETH remains above $4,300, the trend is favorable for bulls. If ETF inflows persist and risk appetite stays stable, Ethereum may soon test higher resistance thresholds near $4,600, with the $5,000 milestone back within reach.
For the moment, Ethereum’s breakthrough past $4,400 indicates that institutions and traders are prepared to make substantial investments in Uptober’s surge.
Cover image from ChatGPT, ETHUSD on Tradingview
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