31 August 2021 | ZebPay Trade-Desk
Ethereum (ETH) continues to see inflows from institutional investors, despite the consolidation phase that the asset has been experiencing the past few days. Ether has seen the largest inflow among institutional investors, with ETH-based products posting a weekly inflow of $17.2 million, as of yesterday. ETH has been fairly range-bound the past 2-3 days, trending between $3,100-$3,300.
ETH has been consolidating and trading in a range from $3,000 to $3,350 over the past two weeks. The asset is facing stiff resistance at $3,355 (61.8% Fibonacci Retracement Level) and the bulls are struggling to breach these levels. Once the breakout or close occurs above $3,356 with good volumes then we can expect another rally up to 3,800 and if it fails to do so then the prices may continue to be in a range for a few more days.
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