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Ethereum price forms bullish flag as ETH ETF inflows rise




Ethereum Ethereumeth-5.07%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 Bitcoinbtc-3.23%Bitcoin last week. These funds added over $114 million in inflows

Ethereum price technical analysis



The weekly chart shows that the ETH price has rebounded 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. 


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

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.

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

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