Ethereum price nears $2,400 as spot ETF inflows extend to six days
Ethereum price is approaching $2,400 after a rally to Friday’s intraday high near $2,375. Spot Ethereum ETFs extended their inflow streak to six straight trading days, with SoSoValue data showing roughly $18M net inflows on April 16 and close to $300M accumulated over the six-day period. BlackRock’s ETHA led the flows.
The article links ETF demand to improving macro sentiment, including easing U.S.–Iran tensions, and to ongoing whale accumulation. Separately, Ethereum treasury firm Bimine reportedly increased its holdings, reaching about 4% of circulating supply and aiming for at least 5%.
Technically, Ethereum price is testing a horizontal resistance area around $2,400, with the 50-day SMA nearing a bullish crossover versus the 100-day SMA and MACD pointing upward. Traders are watching $2,200 as key downside support; a breakdown below it could weaken the bullish setup and shift attention to lower supports near $2,000. Upside targets highlighted include $2,600 if Ethereum price breaks above $2,400.
Bullish
The news is bullish because it combines sustained spot Ethereum ETF inflows with supportive technical signals. ETF inflows—especially a six-day consecutive run and near $300M cumulative over the period—often act like persistent spot demand, which can reduce selling pressure on rallies and improve follow-through.
Historically, periods when spot ETH ETFs show consecutive net inflows have tended to coincide with stronger market breadth and easier upside breakouts, as price discovery shifts toward “institutional-supported” demand rather than purely retail momentum. The article’s technical setup (breakout attempt near $2,400, rising MACD, and a potential 50/100-day SMA bullish cross) reinforces that traders may be willing to buy dips.
Short term, the market may react to whether Ethereum price clears $2,400; a clean break could trigger momentum buying toward $2,600. If Ethereum price instead loses $2,200, the bullish thesis would likely weaken, and traders may rotate to risk management with a retest toward ~$2,000.
Longer term, continued ETF accumulation plus whale behavior (Bimine building toward 5% of supply) can support a higher base for ETH, assuming macro risk doesn’t reverse sharply.