Ethereum price managed to break above major resistance during today's session among rising interest from institutional investors. Bitcoin investment products recorded their eighth consecutive week of outflows, totaling $3.8 million, however altcoins popularity continues to increase, recent data from Coinshares showed.
Last week, Ether was the preferred choice among institutions and recorded an inflow of $ 17.2 million. Report showed that Ethereum and other altcoins tracking products now account for 32% of the sector's total assets under management (AUM) - and are approaching the mid-May record of 35%.
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Cryptocurrency funds saw their second week of inflows, which may indicate improving sentiment among investors. Source: CoinShares.
Ethereum has been trading in a sideways move since the beginning of August however today buyers managed to break above the $3,345 resistance level which coincides with 61.8 Fibonacci retracement of the last downward wave. If current sentiment prevails, then the upward move may accelerate towards next resistance at $3790.00 which is marked with 78.6 Fibonacci retracement and upper limit of the wedge formation. On the other hand, if sellers manage to regain control, then the aforementioned $3.345 level should act as the first major support. Source: xStation5
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