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<a href="https://xpertsstudio.com/<a href="https://xpertsstudio.com/investments-in-bitcoin-and-ethereum-etfs-topped-1-2b-over-week/” title=”Investments in Bitcoin and Ethereum ETFs Topped $1.2B Over Week”>ethereum-ethusd-volatility-intensified-on-sep-5-what-you-should-know/” title=”Ethereum (ETHUSD) Volatility Intensified on Sep 5: What You Should Know”>Ethereum(CRYPTO: ETH) price remains in a consolidation phase and has formed a bullish flag pattern that may point to a strong breakout. It was trading at $2,458 on Saturday, up by over 63% from its lowest level this year.
ETHB ETF Inflows are Soaring
A key driver for the recent Ethereum price rally is the fact that American retail and institutional investors are piling into its ETFs. These funds added over $26 million in inflows on Friday, bringing the weekly increase to over $218 million. They added $1.8 billion in assets in August and now hold $15.57 billion in assets.
A key driver to the ongoing ETH ETF inflows is the iShares Staked Ethereum Trust(NASDAQ:ETHB), which has become the fifth-biggest ETH fund. Since its launch in March this year, the fund has accumulated over $980 million in assets. It has already overtaken funds by top companies like Bitwise, VanEck, and Franklin Templeton.
ETHB is similar to other ETH ETFs, with the main difference being its staking capabilities. BlackRock stakes its assets, allowing investors to generate an annual return that normally compensates the 0.25% fee. Staked ETH tokens currently earn an annual return of about 2.65%.
The ongoing ETH ETF inflows has coincided with that of other coins. Bitcoin(CRYPTO: BTC) ETFs have added $770 million in assets this month, while Ripple(CRYPTO: XRP) have had over $13 million in assets.
The recent crypto rebound happened after many of them remained in a tight range for months, with investors focusing on the booming stock market. Now, with many top AI stocks being in a bear market, many investors, especially those from South Korea, have started to rotate back to crypto. Also, the Crypto Fear and Greed Index has moved to the greed zone of 75.
Ethereum Price Has Formed a Bullish Flag Pattern
Technicals suggest that the ongoing consolidation will result in a strong bullish breakout in the near term. It is part of the bullish flag pattern, which happens when a strong rally is followed by a consolidation. This pattern normally leads to a continuation.
The coin is also about to form a golden cross as the spread between the 50 and 200-day moving averages narrow. If this happens, it will be the first time that ETH has formed a golden cross since July last year when it jumped from $2,550 to $4,956 within weeks.
Therefore, these technicals, together with the ETF and staking inflows, suggest that ETH may be about to soar. Such a move would point to more gains, potentially to the psychological level of $3,000.
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