Ethereum (ETH) traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates.
Ethereum ETF inflows and positive funding rates could help maintain bullish momentum. Investors need to be cautious of ETH's rising exchange reserve. Ethereum could retest the $2,707 resistance after bouncing off the 50-day SMA. Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates.
A successful move above this level could see ETH aim to reclaim the $2,817 price level, which held as a key support level for over four months. The Relative Strength Index and Stochastic Oscillator momentum indicators are above their neutral levels, indicating a bullish bias. ETH/USDT 4-hour chart On the downside, if ETH breaks the $2,595 level, the 50-day, 100-day and 200-day SMAs could provide support to prices. A daily candlestick close below $2,395 will spark heavy bearish momentum for ETH.
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