The spot ETF cash flow is increasing, Ether is facing the opportunity to break out of the Accumulation zone.

Ether (ETH) is currently fluctuating around the level of $2,564, maintaining a sideways trend for several consecutive days. However, a positive signal is emerging from institutional investors. According to data from Glassnode, 106,000 ETH flowed into spot ETF funds in the past week — marking the seventh consecutive week of net inflows, indicating that long term confidence is still present.

However, market sentiment is not entirely leaning towards optimism. Data from Etherscan shows that two large Ethereum wallets have canceled staking and withdrawn a total of 95,920 ETH at the beginning of June. Notably, of this amount, as much as 62,289 ETH has been transferred to exchanges, raising concerns about potential selling pressure in the short term.

Will the current sideways movement of ETH end with a strong breakout or a deeper correction? Let's analyze the technical chart to look for clues for the next move of this leading altcoin.

Price Prediction for Ether

In the past few days, Ether (ETH) has fluctuated in the range between the 50-day simple moving average (SMA) at $2,528 and the horizontal support level at $2,323.

ETH/USDT daily chart | Source: TradingViewBoth moving averages are flattening out, while the relative strength index (RSI) is also fluctuating around the average — indicating the potential for continued short-term accumulation. If the bulls can push the price above the 50-day SMA, the ETH/USDT pair may rise to the $2,738 area, followed by $2,879. However, strong selling pressure is expected to emerge around the $2,879 level.

On the contrary, if the price reverses and drops from the 50-day SMA, the bears will try to pull the currency pair below the support level of $2,323. If successful, the price could plunge towards the strong support zone at $2,111. A new trend volatility is likely to form if the price breaks above $2,879 or falls below $2,111.

The ETH/USDT chart on the 4-hour time frame | Source: TradingViewCurrently, the ETH/USDT pair is stuck in the price range from $2,376 to $2,521 for a period of time. The fact that the moving averages are moving sideways along with the RSI index sitting just above the average indicates that neither side — the bulls nor the bears — has gained a clear advantage.

If the price maintains above the moving averages, the pair may advance to the level of $2,521. Selling pressure is expected to increase at this level, but if the bulls prevail, the price could strongly bounce up to the range of $2,666.

On the contrary, if the price sharply reverses down from the level of $2.521, the ETH/USDT pair may continue to fluctuate within the current accumulation range for some more time.

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