What’s next for Ethereum price as spot ETFs see $246M net inflows?

Ethereum price defends the $3,900 local support within an ascending triangle pattern, with a potential breakout target near the $4,800–$4,900 zone if resistance around $4,300 is breached.

Following yesterday’s dump in Ethereum (ETH), likely driven by broader macro uncertainty ahead of the FOMC meeting, the price is rebounding today and holding above the $3,900 local support. This area aligns with the ascending triangle’s lower trendline, suggesting that buyers are defending the current market structure.

The Stochastic RSI on the daily timeframe is cooling off from near-overbought territory, hinting at a short-term pause or mild retracement before any breakout attempt.

Looking ahead, one possible scenario is that Ethereum price consolidates for a few sessions and then bounces from the ascending trendline support, leading to a retest of the $4250-$4300 resistance zone, which which marks the upper boundary of the ascending triangle.

According to analyst Ali Martinez, this level represents a major on-chain resistance area, where a large amount of ETH was previously accumulated. When ETH revisits it, some investors might sell to recover their positions, creating supply pressure that can temporarily cap upside momentum.

However, if Ethereum price manages to break above the $4250-$4300 resistance, it would confirm the ascending triangle pattern, opening the door to a potential measured move target around $4,800–$4,900.

What’s driving Ethereum price?

Beyond technicals, fundamental flows are reinforcing Ethereum price resilience. Most notably, Ethereum spot ETFs recorded roughly $246 million in net inflows on October 28, signaling renewed institutional appetite for ETH exposure.

Additionally, BitMine Immersion Technologies has continued expanding its Ethereum treasury. As reported by crypto.news, the company has recently purchased an additional 27,316 ETH worth $113 million, bringing its total holdings to 3.31 million ETH—valued at more than $13.3 billion. BitMine now controls about 2.8 % of Ethereum’s circulating supply, making it the world’s largest corporate ETH holder and inching closer to its goal of acquiring 5 % of the total supply.