- Ethereum spot ETFs saw a strong rebound with $13.5 million in inflows, led by Grayscale, as institutional interest surged—highlighted by Abraxas Capital’s $561 million ETH purchase.
- With rising trading volumes and bullish technical indicators, analysts now eye ETH price targets of $3,200 and potentially $3,600.
Ethereum is gaining serious momentum once again, as inflows into spot ETFs surged by $13.5 million on Tuesday. This comes alongside a 10% pump in ETH’s price, with analysts predicting a further rally to $3,200 and even $3,600. The renewed institutional interest suggests Ethereum may be on the verge of a breakout.
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Grayscale and Abraxas Lead the Charge
Grayscale’s mini-Ethereum ETF led the inflow pack with $7.4 million, according to data from Farside Investors. Other contributors included VanEck’s ETHV with $3 million and Franklin Templeton’s EZET, which added $3.1 million. The boost in ETF demand reflects growing confidence from institutional players.
But the bigger story lies with Abraxas Capital. The firm recently scooped up a staggering 242,652 ETH—worth around $561 million in just one week. On-chain data from Arkham Intelligence shows Abraxas borrowed USDT to expand its Ethereum holdings when the price hovered near $2,460. That decision has already paid off, with ETH jumping to $2,700 since the purchase.
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BlackRock’s ETF Strategy and Bullish Sentiment
Adding fuel to the fire, BlackRock submitted an amendment to its spot Ethereum ETF proposal, introducing an in-kind creation and redemption model. If approved, this would let participants swap ETH directly for ETF shares, streamlining capital flows and potentially increasing ETH demand even further.
This strategic shift, coupled with recent meetings between BlackRock and the SEC’s Crypto Task Force, hints at a broader acceptance of Ethereum within the traditional financial ecosystem.
Ethereum Eyes on $3,200—and Beyond
With daily trading volume rising 19% to $36.75 billion and ETH futures open interest up 14%, traders are clearly betting on more upside. According to analyst Rekt Capital, Ethereum has closed key CME gaps at $2,530 and $2,630. If it can hold above this range, the next technical target lies at $2,900–$3,033. A breakthrough there could send ETH surging toward $3,200—and possibly to $3,600.
As institutional accumulation continues and ETF inflows rebound, Ethereum’s price trajectory looks increasingly bullish. The coming days could prove critical in determining whether this rally has enough steam to test new yearly highs.
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