Ethereum price forecast: ETH might reach $4,500 amid investor mixed on-chain flows

Ethereum ETFs saw six consecutive positive days following $146.9 million net inflows on Thursday.

The previous 48 hours saw $300 million of ETH unstaked.

Ethereum might reach $4,522 if the inverted head and shoulders pattern forms.

After six days of record net inflows across ETH exchange-traded funds (ETFs), Ethereum (ETH) fell over 1% on Thursday. Despite the positive market forecast, $300 million of unstaked ETH might lower prices.

Mixed on-chain conduct from Ethereum investors
Ethereum ETFs are on course to have their greatest week since inception following $146.9 million in net inflows on Wednesday, according to Coinglass. The products have seen six consecutive days of positive flows, totaling $796.2 million.

The fresh inflows have raised ETH ETF net flows to $241.7 million, positive for the first time since inception.

ETH's rising exchange reserve should worry investors. Rising exchange reserves may enhance selling pressure.

IntoTheBlock claims a net outflow of 94.4K ETH worth over $300 million in ETH staking flows in the previous 48 hours. If staking outflows increase supply pressure, ETH may fall.

On Thursday, Franklin Templeton added its US Government Money Fund (FOBXX) to Ethereum. FOBXX allows investors acquire government securities and buyback agreements and store them in crypto wallets using Franklin's Benji app.

Coinglass data shows Ethereum trading at $3,110 after $57.34 million in liquidations in 24 hours. Long and short liquidations were $34.13 million and $23.20 million.

ETH rebounded from the 14-day Exponential Moving Average (EMA) in blue after selling pressure at $3,400 prolonged its drop to three days.

Since bouncing off the EMA, the top altcoin may form an inverted head-and-shoulders pattern. This trend might push ETH beyond its yearly high barrier of $4,093 to $4,522.

The 14-day RSI is falling and approaching its yellow moving average line. If this happens, ETH might drop below $2,817.

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