Ethereum (ETH) has recorded spot inflows for the first time in 10 days, suggesting a shift in investor sentiment. This comes just before the White House Crypto Summit on March 7, which could further impact market trends.
At press time, ETH is trading at $2,290, marking a 4% increase in 24 hours. With growing bullish pressure, the altcoin may continue its upward momentum.
$20 Million Flows into Ethereum After 10-Day Outflow Streak
According to Coinglass, ETH’s spot inflows hit $20 million on Thursday, reversing a 10-day trend of outflows totaling over $600 million.
A shift from outflows to inflows indicates rising investor confidence and growing buying pressure. This signals that traders are willing to acquire ETH at its current price, setting the stage for further gains.
Adding to the momentum, Ethereum’s open interest has climbed to $20 billion, a 4% increase in 24 hours. Higher open interest suggests strong market participation and fresh capital inflows, reinforcing the bullish sentiment.
Ethereum Eyes $2,361 as Buying Pressure Grows
Ethereum’s Moving Average Convergence Divergence (MACD) indicates strengthening bullish momentum. The MACD line is on track to cross above the signal line, a classic buy signal that often precedes price rallies.
If demand continues rising, ETH could reach $2,361 in the short term. However, if a correction occurs, ETH may dip below $2,000, potentially testing $1,990 as support.
As market anticipation builds ahead of the Crypto Summit, will Ethereum sustain its rally?
