The ETHE fund still has about $7 billion under management, which may keep Ether ETFs net flows in negative territory in the coming months.
On a brighter note, Ethereum may witness an adoption from one of its native projects, the USD Coin (USDC) stablecoin. Interestingly, the company behind the stablecoin, Circle, has announced its intention to launch a tap-to-pay feature across all Apple devices.
Ether’s market prospects look bullish due to supportive macroeconomic catalysts, namely the potential interest rate cut by the U.S. Federal Reserve in September. Lower interest rates have proven to be bullish for cryptocurrencies since the pandemic.
Ethereum Technical Analysis: Bulls and Bears Are Fighting For Dominance
From a technical viewpoint, Ether’s price appears trapped inside a range defined by its 50-week (red) and 200-week (blue) exponential moving averages (blue), coinciding with $2,800 and $2,000 levels, respectively.
Interestingly, the 50-week EMA aligns with the lower trendline of Ether’s multi-year ascending triangle pattern, creating a support confluence. It technically increases ETH’s ability to withstand any bearish pressure in the coming weeks, thus boosting its potential to break above the 200-week EMA resistance and eye the Fibonacci levels shown in the chart above as the next upside targets ($2,872, $3,294, and so on).
