Ethereum’s october Rally Gains Momentum with ETF Inflows
Ethereum (ETH) is experiencing a robust start too October,driven by the ‘Uptober’ rally and a surge in exchange-traded fund (ETF) inflows. The price is nearing a significant milestone, with a bullish flag pattern forming on the daily chart.
The Murrey Math Line tool suggests a potential jump to $5,625. Spot ethereum ETFs have seen a strong rebound this week, with over $1.3 billion in inflows. This is a sharp recovery from the previous week’s $795 million outflow.
These ETFs are close to reaching $15 billion in cumulative inflows. If the trend continues, they could surpass this milestone next week. BlackRock’s ETHA ETF leads the market with $17.8 billion in assets under management.
Ethereum ETFs have gained momentum this year,supported by the ongoing crypto rally that pushed Bitcoin to new highs. Inflows surged as investors turned to cryptocurrencies as safe-haven assets amid the government shutdown and a weakening labor market.
The daily chart shows ETH rising from $3,800 in September to over $4,500. It broke through the key resistance level at $4,106. The coin has formed a bullish flag pattern, indicating a likely continuation of the rally.
ETH is slightly below the upper boundary of the flag but remains above the strong pivot reversal. Bulls are targeting the $5,000 resistance level, with a move above signaling further gains toward $5,625.
