Ethereum ETFs Attract $150M, Nearing 2024 ETH Supply Creation

The recent surge in Ethereum (ETH) inflows suggests growing investor interest, despite lingering market volatility. Michael van de Poppe highlighted this trend on X (formerly Twitter), noting that $150 million flowed into Ethereum ETFs in just two days. This inflow nearly matches the $160 million ETH supply created in 2024.

Michael stated that the demand is exceeding the supply and that he thinks Ethereum is significantly undervalued. Furthermore, he added that Ethereum might be ready for a big run if the inflow sustains.

The $ETH supply was created in 2024: $160 million.

The net inflow in $ETH ETF in the past 2 days: $150 million.

The demand is exceeding the supply.

I think Ethereum is super undervalued and ready for a big run if this inflow sustains. pic.twitter.com/KIpv7f1vNO

— Michaël van de Poppe (@CryptoMichNL) August 7, 2024

Currently, Ethereum’s price currently stands at $2,476.21. It has a 24-hour trading volume of $23.57 billion and a market cap of $297.79 billion. Its price rose by 0.53% in the last 24 hours, with 120.26 million ETH coins circulating.

Ethereum’s price has seen a downturn since early May. A few minor recoveries have occurred, but the overall trend remains bearish. The price recently bounced off a strong support level around $1,425.97. Conversely, resistance appears around $3,000, where selling pressure previously emerged.

Examining the technical indicators, the 200-day EMA sits at $3,108.92, well above the current price. This disparity indicates a bearish trend. However, shorter-term EMAs could provide more immediate trend information.

Source: TradingView

Bollinger Bands reveal that Ethereum’s price trades near the lower band, indicating increased volatility. A bounce off this band suggests a potential short-term bullish reversal. Besides, volume spiked during the recent sell-off, showing strong selling pressure. However, increased volume on green candles indicates buying interest at lower levels.

Furthermore, the MACD line is below the signal line, both under the zero line, indicating bearish momentum. The histogram shows negative values, yet shorter bars suggest a possible bullish crossover. The RSI stands at 23.18, indicating oversold conditions. This suggests that Ethereum might be undervalued and could be poised for a rebound.

JUMP TRADING MOVES $29M IN ETH AS PRICES FLUCTUATE

Jump Trading just shifted $29M in ETH, likely gearing up for a sale.

They’ve moved millions before, causing prices to drop from $2,900 to $2,100, but ETH bounced back to $2,400.

This move follows a big sell-off amid a CFTC… pic.twitter.com/TjTACF4PD6

— Mario Nawfal’s Roundtable (@RoundtableSpace) August 7, 2024

Meanwhile, Jump Trading’s recent $29 million ETH move has stirred the market. Their previous actions caused prices to drop from $2,900 to $2,100 but saw a bounce back to $2,400. This move follows a major sell-off amid a CFTC probe into their activities. Ethereum’s inflow and technical indicators suggest potential recovery, but market volatility remains high.

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