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Bullish Sentiment Spills Over To Institutional Investors As Ethereum Inflows Balloons

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Ethereum

Institutional investors had been showing bearish sentiment towards Ethereum for the longest time. The second-largest cryptocurrency by market cap, which had initially caught their attention, was not doing as well as expected, and the outflows that followed were massive. However, it looks like sentiment among these large investors is beginning to turn positive as Ethereum has begun to record inflows.

Ethereum Inflows Balloons

Over the last several weeks, Ethereum inflows have been ramping up. Although they were nowhere near the volumes that had been recorded during the bull market, it had put a stop to more than 2 months of consecutive outflows for the digital asset.

Last week would prove to be no different, given that Ethereum’s inflows had come out to $8 million, a low volume, but it was inflows nonetheless. But the most important inflows were recorded in the week prior when the digital asset had initially been recorded to have seen inflows of $2.5 million.

Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000

Corrected numbers which had emerged this week had shown that not only was this number too low, it was off by more than $100 million. When the corrected data was published this week, it showed that inflows into ETH had reached $120 million in that single-week period, meaning that it was the largest single-week inflow in one year.

It is a testament to the changing sentiment among institutional investors when it comes to the altcoin. With the anticipated Merge approaching quickly, the bullish sentiment has washed over both small and large investors alike, prompting more investment into the digital asset.

A Week Of Inflows

Ethereum was fortunately not the only cryptocurrency to mark another week of inflows. The bullish sentiment had extended to almost every sphere of the crypto market, and the investors had reacted accordingly. So from bitcoin to digital asset investment products, the inflows continued.

Related Reading | Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend

Bitcoin had seen either week of inflows, with $16 million recorded for last week. Just like Ethereum, the numbers for bitcoin for the prior week had been incorrect, and corrected data showed a much higher inflow rate for the prior week with $206 million in total. The inflow trend was not limited to long bitcoin alone, though as short bitcoin continued its streak with $0.6 million in inflows.

Digital asset investment products would prove to be the big winners for the week with inflows of $27 million. The total asset under management has not been pushed back up to $30 billion with last week’s inflows. Europe also accounted for the majority of inflows as Switzerland alone recorded $16 million for last week. The USA and Germany would see lesser inflows of $9 million and $5 million.

What this data shows is how investors are looking toward the market with the recent recovery. However, given the recent decline in prices, it remains unsure whether the inflows will continue for the new week.

Featured image from News Text Area, chart from TradingView.com

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TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

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Ta- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

The price of Binance Coin (BNB) has struggled to break above $337 against Tether (USDT) after being rejected from that region.  

Binance Coin price in the past few weeks outperformed the price of Bitcoin (BTC) but has not been able to match the strength it has shown earlier to break above this resistance and trend higher. 

Binance Coin (BNB) Price Analysis On The Weekly Chart

Weekly BNB Price Chart | Source On Tradingview.com

From the chart, the price of BNB saw a weekly low of $209, which bounced from that area and rallied to a price of $337 after showing great recovery signs in recent weeks. 

BNB’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish for the price of BNB as it continued to decline in price to a region of $303 after facing rejection from the $337 mark. 

The price has struggled to build more momentum as it tries to hold key support.

If the price of BNB on the weekly chart continues with this structure, it could quickly revisit  $290 acting as a support for the price of BNB.

Weekly resistance for the price of BNB – $337.

Weekly support for the price of BNB – $290.

Price Analysis Of BNB On The Daily (1D) Chart

1660851333 306 Ta Binance Coin Price Fails To Break 337 Have Bulls
Daily BNB Price Chart | Source On Tradingview.com

The price of BNB found strong support at $280 above a trendline after successfully forming a bullish structure, the support at $280 seems to be an area of interest on the daily chart.

BNB bounced from its support and rallied to $337 where it was faced with resistance and was rejected from that region.

The price of BNB has continued to be above a trendline acting as support after being rejected from the $337 mark.

At the point of writing, the price of BNB is at $303, above the 50 Exponential Moving Average (EMA) which corresponds to $290.

BNB needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BNB to $240.

The Relative Strength Index (RSI) for the price of BNB on the daily chart is above 50.

Daily (1D) resistance for BNB price – $337.

Daily (1D) support for BNB price – $290.

Price Analysis OF BNB On The Four-Hourly (4H) Chart

1660851333 796 Ta Binance Coin Price Fails To Break 337 Have Bulls
Four-Hourly BNB Price Chart | Source On Tradingview.com

The price of BNB continues to look bullish and holds above the 200 EMA price corresponding to $295 after breaking below the 50 EMA.

On the 4H timeframe, the 200 EMA is acting as a support for the price of BNB.

If BNB fails to hold the support region we could see the price retesting the region of $250 as the next support area to hold the BNB price.

Four-Hourly (4H) resistance for BNB price – $337.

Four-Hourly (4H) support for BNB price – $290.

Featured image from zipmex, Charts from TradingView.com 
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Ukraine Spends Crypto Donations on Various War Equipments

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Ukraine’s New Fiat Currency Restrictions To Benefit Crypto Sector