ETH Price Clears Key Averages as ETF Inflows Boost Momentum
Ethereum's price has been on an upward trajectory, breaking above three key daily averages and pushing toward $2,000. At the time of writing, ETH traded at $1,918.26, up 0.74% from the previous day.
The token's move above its 20-day moving average at $1,895.45, its 100-day average at $1,911.42, and its 50-day average at $1,796.09 is a bullish sign for short-term momentum. However, ETH remains below its 200-day moving average at $2,061.80, indicating that the broader downtrend that began after it traded above $2,400 in April has not been fully reversed.
Renewed demand for US-listed spot Ethereum exchange-traded funds (ETFs) has provided one catalyst for ETH's move. The funds recorded about $92.15 million in net inflows on Aug. 6, with cumulative net inflows now exceeding $11.4 billion.