US Spot Ethereum ETFs See Record Net Inflows

US spot Ethereum exchange-traded funds (ETFs) have been witnessing increased investor demand in recent times. According to reports, these ETFs saw net inflows of over $100 million on a single day, with BlackRock's ETHA and Fidelity's FETH products being the major contributors. These inflows are seen as a positive sign for Ethereum's price movement.

The short-term forecast suggests that if Ethereum manages to hold onto its current support level of $2,050, it may see an upward trend towards $2,190. However, if this level is breached, the price could drop sharply to the lower end of the $1,970 range. In the medium term, the rising Relative Strength Index (RSI) and the turning upward MACD divergence indicate increasing buying momentum.

In the long-term, these large-scale net inflows into spot ETFs are expected to drive institutional adoption and validate Ethereum's structural asset value. The current price of Ethereum is at its lower end of the 200-day moving average, suggesting that it may be poised for a potential altcoin rally once Bitcoin dominance peaks.