Ethereum Price Trades Inside Ascending Channel, Institutional Demand Increases

Ethereum's recent price action has garnered attention from analysts and investors alike. The cryptocurrency has been trading inside a 3H ascending channel, with its current price at $2,305 on April 20. This trend is significant as it holds the potential to decide the direction of Ethereum's price in the short term.

The Supertrend support level at $2,048 remains intact, providing a safety net for the price. However, the SAR resistance at $2,462 has not yet flipped, indicating that there is still room for growth. This delicate balance between support and resistance levels is crucial in determining the direction of Ethereum's price.

The recent uptick in Ethereum's price can also be attributed to the increased institutional demand. The weekly ETF inflows have reached $276M, led by Fidelity's FETH at $126M. This marks the third straight week of positive institutional flows, signaling renewed interest in the cryptocurrency market.