Ethereum ETFs Score $49M Weekly Inflows as ETH Price Recovers Above $2,500

Ethereum ETFs have rebounded from Monday's steep decline, with weekly volume turning positive despite broader market uncertainty. Tuesday's Ethereum price recovery suggests a bullish trend forming

Ethereum price recovered on Monday, following a strong week of outflows from Exchange Traded Funds (ETFs) that track the second-largest cryptocurrency.

After falling to lows of $1,900 last week, ETH price recovered over the weekend and into Monday’s trading session, to highs of $2,400. This marked a 20% increase from lows, and comes amid broader market uncertainty, with the S&P 500 set to open lower.

Ethereum price now trades above the 50-day moving average, and is eyeing a breakout above $3,000. But what are the key levels to watch for ETH price?

Ethereum price rebounds from Monday’s steep decline, with weekly volume turning positive

After performing dismally since their launch in July, ETH ETFs are back in the green, with Monday’s net inflow volume reaching $49 million. Based on ETF data from SoSoValue, this marked a significant improvement from Friday’s $54.3 million in total net inflow.

Negative flows characterised the weeks that ended on August 2 and July 26, narrowing the chances of a breakout to $4,000 while increasing downside risk. Ethereum price lost several support areas at $3,300 and $2,400 but recollected $2,100 on Monday ahead of the ongoing trend reversal.

It is essential for the ETF to continue receiving positive flows, which will boost investor morale and increase demand for ETH, supporting a sustainable uptrend.

ETH price next key levels to watch following Monday’s rebound

Monday’s price rebound comes after ETH price fell to lows of $1,900 last week, following a broader market sell-off. But as buying returned on Monday, traders are now looking ahead to key levels for ETH price.

Currently, ETH price is eyeing a breakout above $3,000, which will open up the path to $3,500. On the downside, support is seen at $2,100, followed by $1,900.

The Relative Strength Index (RSI) is also recovering from oversold levels, indicating a shift in momentum to the upside. A daily close above $2,500 will be key to validating the bullish thesis to $3,000, at which point bulls will resolve to take a breather before proceeding with the push to $3,500.

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