- Ethereum saw $71 million in ETF inflows, led by BlackRock, signaling renewed institutional confidence.
- With rising on-chain activity and bullish momentum, ETH could soon target the $2,900 level.
Ethereum [ETH] is making a notable comeback, buoyed by renewed institutional interest and strong on-chain metrics. The latest signal? A surge of $71.3 million in ETF inflows — a vote of confidence from heavyweight investors, including a dominant showing from BlackRock.
On May 27th, Ethereum ETFs saw one of their best daily performances since launch, raking in $38.8 million in inflows. BlackRock alone contributed $32.5 million, cementing its role as a major player in ETH accumulation. This spike follows a broader trend reversal after weeks of mixed flows, with managers like Fidelity and Franklin previously showing hesitation.
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But the momentum doesn’t stop at ETFs. Ethereum is also leading the charge on-chain. According to Artemis data, ETH outpaced all other networks in bridged net flows and stablecoin supply growth — two key metrics that highlight increasing liquidity and real usage. The network’s dominance in these areas reinforces its role as the backbone of decentralized finance (DeFi).
This dual boost — institutional inflows and on-chain growth — is painting a bullish technical picture. At the time of writing, ETH trades around $2,708, inching closer to the $2,720 resistance zone. The Relative Strength Index (RSI) stands at 70.47, suggesting strong buying interest but also nearing overbought territory. Meanwhile, the Chaikin Money Flow (CMF) holds at a healthy 0.15, pointing to steady capital inflows.
If Ethereum manages a clean break above $2,720 with volume confirmation, a move toward the psychological $2,900 mark could materialize. However, traders should be cautious of potential short-term exhaustion as indicators flirt with overheated levels.
In the bigger picture, the return of institutional capital, led by the likes of BlackRock, coupled with Ethereum’s network growth, sets the stage for a possible breakout — one that could redefine the near-term trajectory of the second-largest cryptocurrency.
