Ethereum Price Must Break This Level to Flip the Bearish Trend

Amid the positive sentiment hovering in the market, analyst Lennaert Snyder said that $3,040 is a key level to watch for Ethereum price.

If ETH price slips below $3,000, it could witness another pullback, which in turn could trigger another selling pressure in the market.

Ethereum Price Analysis | Source: Lennaert Snyder, X

On the other hand, if the crypto can break through the $3,230 level, it could “flip the bearish trend,” the expert said.

Echoing a similar sentiment, expert That Martini Guy said that if the crypto can maintain the support at $3,040, the next target lies at $3,631.

Ethereum Price Prediction | Source: That Martini Guy, X

Meanwhile, the bullish projections are further backed by the ongoing inflow into the US Spot Ethereum ETF.

According to Farside Investors data, the US Spot Ether ETF has recorded an inflow of $60.8 million on November 26, marking its four-day inflow streak.

On the other hand, the US Spot Bitcoin ETFs inflow on November 26 was only $21.1 million, with the investment instrument seeing an inflow streak for only two days.

Having said that, it seems that the institutions are also confident in the future potential of Ethereum price.