Analysis: Multiple positive factors drive ETH market, and the upward trend is expected to continue

CoinRank News: Ethereum prices rose sharply today, with the trading price approaching $2,800. Analysts believe that the rise in ETH prices today is mainly driven by the following factors: First, the technical side continues to exert its strength, and the daily chart confirms the bullish continuation pattern bull flag, which has the potential to continue to rise after breaking through the upper edge of the flag; second, Ethereum futures open interest (Open Interest) hit a new high. Data shows that large investors are actively deploying, and the current total holdings of mainstream trading platforms have reached about $37.3 billion, and the capital flow is biased towards the long side; third, spot ETH ETF funds continue to flow in, with a net inflow of about $394 million in the past 8 days, of which BlackRock ETHA Fund contributed about $288 million. The entry of institutional capital boosted market confidence. Overall, ETH is expected to continue its upward trend. (Cointelegraph)