Ethereum (ETH) is currently trading around $4,500, but traders anticipate a potential wave (B) bounce based on short-term market structure. Recent movement shows signs of resistance at the key level of $4,723. If ETH fails to break through this resistance zone, it may trigger a drop towards the $4,000 mark. However, support levels between $4,250 and $4,300 appear strong, potentially preventing further decline.
Recent data suggests that BlackRock’s ETF inflow of $437.5 million into its ETHA product was a key driver of Ethereum’s activity. This marked the largest single ETF inflow for the day, exceeding any previous outflows. Other ETFs saw small net outflows but remain relatively insignificant.
The market is closely observing both the ETF inflows and technical levels to gauge the next direction for ETH.