$ETH Ether ETF flows turn positive for first time in 2 weeks, bolstered by BlackRock
Some analysts are eying an Ether rally above $3,000, but traders may have to wait until October.
Inflows into Ether exchange-traded funds (ETFs) have turned positive for the first time in over two weeks.
The nine US spot EtherÂ
ETH$ETH
$2,529
 ETFs recorded a cumulative $5.9 million worth of net positive inflows, marking the first green day since Aug. 14.
BlackRockâs ETF (ETHA) saw the largest daily inflow of $8.4 million, according to Farside Investors data.
Inflows turned positive thanks to slowing outflows from Grayscaleâs Ether ETF (ETHE), which saw the smallest daily outflow in over two weeks, $3.8 million.
However, Grayscale has sold over $2.5 billion worth of Ether since the ETFs started trading on July 23, threatening to introduce more potential selling pressure.
Ether price down 25% since ETH ETF launch
Despite widespread expectations around the historic debut of the US Ether ETFs, ETH price has been in a downtrend.
Ether price fell over 25% since the ETH ETFs debuted over a month ago, from $3,441 on July 23 at launch, to the current $2,561, as of 2:14 pm UTC. #EFTvsBTC
Zooming out, Ether's price is up nearly 13% year-to-date (YTD) and over 56% during the past year.
Investors anticipated a significant price increase from the launch of the Ether ETFs. For Bitcoin (BTC), spot ETFs accounted for about 75% of new investment in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.
Ether price remains trapped under the key $2,700 resistance line, according to Aurelie Barthere, the principal research analyst at Nansen onchain analytics platform.
The analyst told Cointelegraph: #Tipandtrack
â2.7k is the next resistance level for ETH, and there is not enough evidence that it is broken yet. Because price did not hold above this resistance for long enough.
A hypothetical rally above $2,700 would liquidate over $362 million worth of cumulative leveraged short positions across all crypto exchanges, according to Coinglass data.
