Ethereum (ETH) Price Poised to Explode as US-listed Spot ETF Sees First Positive Daily Fund Flows of $33.6M

Analyst Michael van de Poppe sees bullish potential if Ethereum surpasses key resistance.

A US-listed spot Ethereum ETF has recorded its first positive daily fund flows, amounting to $33.6 million. This development follows a period of outflows from the Grayscale Ethereum Trust.

Meanwhile, analyst Michael van de Poppe sees potential for Ethereum to rally further if it can clear a key resistance level.

Despite the recent approval of the spot ETF, which sparked enthusiasm, traders are left guessing on what to expect next. However, some analysis offers insights into upcoming trends.

Key Resistance Level for Ethereum

Analysis by crypto analyst Michael van de Poppe suggests that the recent performance of the Ethereum ETF could mark a shift in trend.

“For the first time, since the launch of the Ethereum ETF, price rallied back upwards during U.S. hours,” van de Poppe tweeted earlier today. He highlighted a crucial price level of 0.0515 BTC (Bitcoin) as a key indicator for future price movements.

For the first time, since the launch of the #Ethereum ETF, price rallied back upwards during U.S. hours.

Crucial levels are 0.0515 BTC.

If that breaks, it's party time.

Strong first signs of the week. pic.twitter.com/DysOtKMQpJ

If Ethereum can clear this resistance level, the analyst suggests that the cryptocurrency could pave the way for a bullish rally. This week’s price action is highly anticipated by traders, especially after the excitement generated by the approval of the Ethereum spot ETF.

Highlighting this interest, on-chain data from Santiment shows a growing focus on Bitcoin, Ethereum, and Solana, compared to meme coins and other sectors. This analysis suggests that traders are paying closer attention to the top crypto assets.

“The crypto community has shown an increased focus on Bitcoin, Ethereum, and Solana compared to meme coins and other sectors. Crypto’s consistent rises occur most often when there is a focus on top caps (a sign of caution) rather than more speculative assets (a sign of greed).”

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