Ethereum Potentially on the Cusp of a Strong Upward Trend, According to Trader Michaël van de Poppe – Here’s Why
Inflows into the newly approved spot Ethereum exchange-traded funds (ETFs) suggest ETH could be on the cusp of a price uptick, according to the crypto analyst Michaël van de Poppe.
Van de Poppe tells his 723,100 followers on the social media platform X that Monday marked the first day of zero outflows on the Ethereum ETFs.
“This is an important week. If this week is a positive net inflow week of more than $50 million, I think we’re on the edge of having a strong upward trend for the Ethereum ecosystem.”
Source: Michaël van de Poppe/X
The crypto analyst notes that ETH ETFs have been following the same path as Bitcoin (BTC) ETFs until now.
Two weeks of down only, after which a slow upwards grind should start with constant inflow.
Positive: Grayscale outflow has slowed down substantially. Going to be some great weeks.
Van de Poppe also draws attention to Ethereum ETF inflows compared to staking.
“The amount of ETH staked: 30%
The increased supply in 2024: ~$170 million.
The inflow in the past 10 days in the ETF: $130 million.
If this inflow starts to pick up momentum, the impact on Ethereum’s price is going to be significantly bigger than Bitcoin.”
ETH is trading at $2,674 at time of writing.
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The post Ethereum Potentially on the Cusp of a Strong Upward Trend, According to Trader Michaël van de Poppe – Here’s Why appeared first on The Daily Hodl.