Ethereum could retest $2,707 resistance following increasing ETF inflows and uptrend in funding rates

Ethereum could potentially retest the $2,707 resistance level as a result of increasing ETF inflows and an uptrend in funding rates. This bullish momentum is supported by the positive net inflows of Ethereum ETFs, particularly BlackRock’s ETHA and Grayscale Mini Ethereum Trust. These inflows have been attributed to renewed investor interest in Ethereum following the US Federal Reserve’s decision to cut rates. Additionally, the uptrend in Ethereum’s 30-day SMA funding rate suggests growing bullish sentiment among traders. However, investors should remain cautious of the rising exchange reserve for Ethereum, as this could lead to increased selling pressure and a subsequent decline in price. Currently, Ethereum is finding support around the 50-day SMA and could potentially rally to test the $2,707 resistance level. Successful movement above this level may pave the way for a reclaiming of the $2,817 price level. On the downside, breaking the $2,595 level could lead to support from the 50-day, 100-day, and 200-day SMAs, but a close below $2,395 could trigger significant bearish momentum.