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Ethereum Inflows Surge to Four-Month High: Price Rally Imminent?

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Inflows into Ethereum (ETH) digital investment products have now reached the highest value since March. This new record suggests that ETH’s price may continue recovering as it has within the past week.

ETH’s price as of this writing is $3,338, representing a 4.12% increase in the last 24 hours. But will the altcoin price continue to move northward? 

More Money for Ethereum Is More Profits for Holders

According to CoinShares, the crypto weekly inflows totaled $1.44 billion. This value makes it the fifth largest the product has seen since its inception. As expected, Bitcoin (BTC) had the lion’s share.

However, with $72 million, Ethereum has been able to register consistent inflows over the past few weeks while hitting the highest figure in four months.

Ethereum crypto inflows
Crypto Weekly Inflows. Source: CoinShares

“A wide range of altcoins saw inflows, most notable being Ethereum, which saw US$72m inflows last week, being the largest inflows since March and likely in anticipation of the imminent approval of the spot-based ETF in the US.” James Butterfill, CoinShares Head of Research, wrote.

Recently, BeInCrypto reported that a number of analysts expect the spot Ethereum ETFs to launch this week.

In addition, according to Glassnode, ETH holders have begun to experience some form of respite. This is because of the indications revealed by the Spent Output Profit Ratio (SOPR).

The SOPR examines market spending behavior, providing insights into profits and losses over a period of time. When the value of the SOPR is 1, moved coins are sold for profit on a particular day. 

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum profitability
Ethereum Spent Output Profit Ratio. Source: Glassnode

But when it is lower than 1, it implies sell-offs at a loss, and if it is exactly 1, it means holders are selling at the breakeven point.

As shown above, Ethereum’s SOPR is 1.01 at press time. If sustained, successive peaks will indicate that the spent coins are moved back into circulation, increasing the probability of a price rally. 

ETH Price Prediction: $3,300 Holds, But How About $4,000?

Like the SOPR, Ethereum’s Open Interest (OI) gives signs that suggest that the price will increase as the value is $7.72 billion.

OI refers to the sum of the value of open contracts in the market. When it increases, it means that market participants are increasing their exposure to a coin. However, a decrease implies that participants are closing their net positions.

From a trading and historical perspective, a rise in OI backs an increase in ETH’s spot value. Therefore, if interest in the cryptocurrency continues to jump, so will the price. If this remains the case, ETH could reach $3,474 in the short term.

Further, if inflows into the ETFs reach $1 billion, as has been predicted in some corners, ETH may retest $4,000.

Ethereum open interest
Ethereum Open Interest. Source: Santiment

However, the In/Out of Money Around Price (IOMAP) shows that there is a chance of invalidation. The IOMAP classifies addresses based on those making money, those out of money, and those at the breakeven point.

If the number of addresses in the money is higher, the price region will provide support. But if it is the other way around, crypto will face resistance.

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

At press time, we noticed that 3.57 million addresses bought 2.83 million ETH at an average price of $3,385. Meanwhile, 2.04 million purchased 1.15 million of the cryptocurrency around $3,282.

Ethereum faces resistance
Ethereum IOMAP. Source: IntoTheBlock

Since there is a larger number of addresses out of the money, it means Ethereum will find it challenging to break through $3,385. 
This is because once ETH reaches this value, some holders may decide to sell. If this happens, the price of Ethereum may drop below $3,300 and even go as low as $3,233.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Eyes $2.0 Breakout—Can It Hold and Ignite a Bullish Surge?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Onyxcoin Buyers Drive Strong Demand as XCN Surges Past $0.01

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Onyxcoin has surged by nearly 30% in the past 24 hours, riding the wave of a broader crypto market rally. 

But beyond the market-wide momentum, on-chain data suggests that XCN’s spike, its strongest in over a month, is driven by genuine demand for the altcoin.

Onyxcoin Rallies, But There Is a Catch

XCN’s double-digit rally has been accompanied by a surge in its daily trading volume. This totals $128 million at press time, rocketing 480% over the past day.

XCN Price/Trading Volume.
XCN Price/Trading Volume. Source: Santiment

When an asset’s price and trading volume spike simultaneously, it signals strong market interest and momentum. This means more participants are actively trading XCN and validating its price movement. 

Moreover, the daily count of active addresses that have traded XCN today has climbed to a 60-day high of 1,646. 

XCN Active Addresses
XCN Active Addresses. Source: Santiment

This spike in active addresses reflects growing retail and possibly institutional interest in XCN. More wallets transacting the token typically suggests broader network participation and confidence, which can serve as a strong bullish signal for the asset.

However, not all traders share this bullish sentiment. In the XCN futures market, the outlook is persistently bearish, as reflected by the token’s negative funding rate. This is at a two-month low of -0.18% at press time. 

XCN Funding Rate
XCN Funding Rate. Source: Coinglass

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures to keep the contract price in line with the spot price. 

When an asset’s funding rate is negative like this, short traders pay long traders. This indicates bearish sentiment and that more XCN traders are betting on the price to fall.

XCN Clears Key Barrier as Accumulation Grows — Is $0.015 Next?

Apart from the broader market recovery, the price rally is also supported by a visible uptick in on-chain user engagement, signaling that XCN traders are not just following hype but are actively accumulating.

On the daily chart, XCN has broken above the crucial $0.01 resistance level—a price point it struggled to break for two weeks. If the rally persists, XCN’s price could climb to $0.015, a high it last reached on March 5.

XCN Price Analysis
XCN Price Analysis. Source: TradingView

However, if market participants begin profit-taking, XCN could shed its recent gains and fall below the $0.011 support toward $0.0075.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Jumps But Smacks Into $120 Resistance Wall—Can It Break Through?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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