Ethereum (ETH) Price Prediction: Weekly inflows hit a new high of $1 billion, long positions target $3,400

Ethereum (ETH) reported at $2980 in the Asian early session today (15), slightly pulling back from last night's repeatedly surging market. Ethereum investment products saw nearly $1 billion in net inflows weekly, marking the fourth largest net inflow in history. The target for Ethereum long positions is $3,400, but it faces strong resistance near the upper boundary of the rising right-angled expanding wedge.

BitMine discloses $500 million reserves, Ethereum ETF inflows nearly $1 billion

NASDAQ-listed company BitMine Immersion Technologies announced that it has acquired 163,142 ETH, worth over $500 million. This acquisition follows the company's announcement last month of completing a $250 million private investment in public equity (PIPE) plan, which aims to initiate its transition from a Bitcoin model to ETH asset management.

The value of the ETH held by the company is currently double the $250 million profit from its PIPE, making it one of the largest ETH holders among publicly traded companies.

BitMine Chairman and Fundstrat Chief Information Officer Thomas Lee shared his plans on how to create an Ethereum version of financial software and the Bitcoin financial company Strategy (formerly MicroStrategy). He compared the company's approach to "sovereign put options," making it attractive to nation-states interested in Bitcoin.

Lee stated in a press release at the beginning of the week: "Similarly, the Ethereum national bonds that have accumulated 5% of the ETH supply can also benefit from similar 'Wall Street put options.'"

Before BitMine disclosed ETH data, Ethereum investment products recorded a net inflow of $990.4 million last week, marking the fourth highest weekly inflow in its history (according to CoinShares data).

SoSoValue data shows that the US spot Ethereum ETF has dominated, with a weekly net inflow reaching a new high of nearly 908 million dollars.

This positive performance stems from the generally bullish sentiment in the cryptocurrency market, with $3.7 billion flowing into digital asset funds last week.

The founder of the cryptocurrency options exchange Derive, Nick Forster, stated in a report that President Trump's "Beautiful Big Bill" (BBB) is a massive fiscal stimulus plan that has sparked bullish sentiment.

Foster wrote: "Historically, similar environments (such as during the COVID-19 pandemic) have triggered significant rises in cryptocurrencies, as excess liquidity flows into risk assets."

In terms of derivative products, as ETH recently soared to $3,000, Derive investors are preparing for the potential rise in ETH.

"For ETH, bullish sentiment is more pronounced. In the ETH open interest contracts expiring on July 18, 45% are concentrated at an execution price of $3,400, which accounts for 16% of the weekend trading volume of ETH," Forster added. He shared how this positioning indicates traders' expectations of a significant breakthrough in the market.

Ethereum Price Prediction: ETH Faces Resistance at Upper Boundary of Expanding Wedge

FXStreet analyst Michael Ebiekutan stated that ETH is attempting to break the upper boundary of the ascending right angle expanding wedge after breaking the $3,000 barrier, but it is facing strong resistance. If ETH breaks this resistance level and flips the upper boundary of the wedge to a support level, its increase could expand to $3,470.

However, if ETH breaks below $3,000, it may test the key level of $2,850, and further declines may find support near the upper boundary of the symmetrical triangle—slightly above $2,500.

The Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are in the overbought zone, indicating strong bullish momentum, but there is potential for a short-term pullback.

If the daily K-line closing price is below $2,500, the argument will become invalid and may push ETH down to $2,110.

(Source: Trading View)