Ethereum $ETH Price Analysis

Ethereum is currently sandwiched between two significant price zones in chart 1:

- A bullish order block in the 2k-2.4k range, which has acted as a solid support, holding three times already
- A bearish order block in the 3.9k-4.2k range, serving as a formidable resistance that has not been breached in three attempts

The critical question now is whether:
- Bears will push the price below this support level in the coming weeks, or
- Bulls will break through the resistance to push the price higher

My take on the situation:

I believe the bulls have a better chance, and here's why:

1. Ascending Triangle Formation:
As seen in Chart 1, Ethereum's chart is possibly forming an ascending triangle, a pattern that typically suggests bullish continuation

2. ETH/BTC Ratio:
Chart 2 shows Ethereum ETH relative to Bitcoin BTC, where it's encountering two robust bullish order blocks in the 0.03-0.032 and 0.023-0.027 ranges on a weekly chart. These could signal a significant support and reversal point


3. Ethereum ETF Inflows vs. Outflows:
According to data provider like coinglass, the last three months have shown much higher inflows than outflows into Ethereum ETFs. This suggests that smart money might be accumulating, setting the stage for a potential upward breakout

Given these points, the technical setup appears to favor a bullish scenario in the near term