Ethereum (ETH) price prediction: Increased Spot ETF inflows provide a key opportunity to break through the accumulation zone.

Ethereum (ETH) is hovering around $2,574 today (3), maintaining a sideways trend for several consecutive days. However, institutional investors are also showing positive signals. According to data from Glassnode, 106,000 ETH flowed into the spot ETF last week, marking the seventh consecutive week of net inflows, indicating that market confidence in ETH’s long-term prospects remains intact.

Market sentiment is not entirely optimistic. Data from Etherscan shows that at the beginning of June, two major Ethereum wallets redeemed and withdrew a total of 95,920 ETH. Notably, 62,289 ETH was transferred to exchanges, raising concerns about potential short-term selling pressure.

Will ETH’s current sideways trend end with a strong breakout or a deep correction? Let’s analyze the technical charts to look for clues on the next move of this top altcoin.

In the past few days, ETH has been fluctuating between the 50-day simple moving average (SMA) of $2528 and the horizontal support area of $2323.

(Source: Trading View)

Both moving averages are flattening, and the Relative Strength Index (RSI) is hovering around the midpoint, suggesting further consolidation in the short term. If the bulls can push the price above the 50-day moving average, the ETH/USDT pair may rise to the $2,738 region, followed by a breakout at $2,879. However, strong selling pressure is expected around $2,879.

On the contrary, if the price reverses from the 50-day moving average, the bears will attempt to drag the currency pair below the support level of 2,323 USD. If successful, the price may fall towards the strong support level of 2,111 USD. If the price breaks above 2,879 USD or falls below 2,111 USD, a new trend may form.

(Source: Trading View)

Currently, the price range of the ETH/USDT currency pair is hovering between $2,376 and $2,521. The sideways moving average and the RSI indicator slightly above the average indicate that neither the bulls nor the bears have a significant advantage.

If the price stays above the moving average, the currency pair may rise to $2,521. Selling pressure is expected to increase at this level, but if the bulls gain the upper hand, the price could rebound significantly to the $2,666 area.

On the contrary, if the price sharply reverses from $2,521, the ETH/USDT pair may continue to fluctuate within the current accumulation zone for a while.