[Source: Cointelegraph, Date: Today] Ethereum (ETH) is showing signs of a potential rally, with technical indicators and growing institutional interest suggesting a possible price increase.
Over the past 30 days, ETH has consolidated between $2,300 and $2,800. However, the 4-hour chart indicates ETH is retaining support from the 200-day exponential moving average (EMA) and forming a hidden bullish divergence with the relative strength index (RSI).
Ethereum futures open interest (OI) has increased by 40% to $36 billion in the last 30 days, reflecting growing trader confidence. Spot Ethereum exchange-traded funds (ETFs) saw their fourth consecutive week of net inflows, adding 97,800 ETH, bringing total holdings to 3.77 million ETH.
BlackRock has quietly amassed 1.5 million ETH ($2.71 billion) and has bought $500 million in Ethereum over the past 10 days. Ether-based investment products led inflows among crypto ETPs last week, attracting $296 million, marking the seventh consecutive week of inflows.
ETH is back above the mid-line of the Gaussian channel, a dynamic market trend indicator. Historically, rallies have occurred when Ethereum surpasses its Gaussian Channel midline. Technical analysis predicts a potential push toward $3,100 to $3,600 if the momentum holds.