Ethereum price has plunged into a bear market after falling by over 20% from its highest point this year as cryptocurrencies retreated.

Ethereum eth-4.25%Ethereum token was trading at $3,895 on Nov. 2, up by 178% from its lowest level this year. It has formed a bullish flag pattern, pointing to more gains as exchange-traded funds inflows rise.

Data compiled by SoSoValue shows that spot Ethereum ETFs outperformed Bitcoin btc-2.51%Bitcoin last week. These funds added over $114 million in inflows after shedding over $243 million in the previous week. In contrast, Bitcoin ETFs shed over $607 million in assets.

Spot Ethereum ETFs have added over $14.3 billion in inflows since their inception in July last year. These gains were driven mainly by BlackRock’s ETHA, which now holds over $15.15 billion in assets. The other top Ethereum ETFs are by companies like Grayscale, Fidelity, and Bitwise.

Top companies have also continued to accumulate Ethereum in the past few months. CoinGecko data shows that companies like BitMine, SharpLink, Bit Digital, and ETHZilla hold Ethereum tokens worth over $18.5 billion.

Ethereum’s funding rate has remained above zero, a sign that investors are optimistic that its future price will be higher than where it is today.

Additionally, the futures open interest has remained stable at over $45 billion despite the ongoing retreat. Its shorts and longs liquidations have retreated in the past few weeks.

Get to know Trustleak

Trustleak crypto signal is a  service which provide profitable crypto and forex signals. Trustleak tried to provide you signals of best crypto channels in the world.

It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.

Trustleak crypto leak service have multiple advantages in comparision with other services:

•  Providing signal of +100 best crypto vip channels in the world
• Using high tech bot to forward signals
• Without even a second of delay
• Joining in +160 separated channels on telegram
• 1 month, 3 months , 6 months and yearly plans
• Also we have trial to test our services before you pay for anything

For joining Trustleak and get more information about us only need to follow trustleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features

Join for Free

☟☟☟☟☟

https://t.me/Trustleakbot

Also you can check the list of available vip signal channels in the bot. by pressing Channels button.

Ethereum price technical analysis

ed from a low of $1,394 in April to a high of $4,953 in September. It has remained above the 50-week and 100-week Exponential Moving Averages, which formed a bullish crossover in June.

Ethereum price has also formed a bullish flag pattern, which is made up of a vertical line and a descending channel. It also retested the critical support level at $4,080, the highest point in March and December last year.

ETH’s price is also in the second phase of the Elliot Wave pattern, followed by the bullish third phase.

Therefore, the most likely scenario is a rebound, potentially to the ultimate resistance of the Murrey Math Lines at $5,000.