ETH’s price has made a recovery to the $3,700 region, ending the recent decline in altcoins. This development comes on a significant day when, for the first time in years, a U.S. President will visit the Federal Reserve. This event is particularly meaningful amidst talks of Chairman Powell’s resignation. So, what is the latest situation with Ethereum 
$2,316, and what are the expectations moving forward? Will we see another downturn in altcoins?
Ethereum (ETH) ETF
In our assessment yesterday, we mentioned the increasing importance of ETF flows following the decline in ETH’s price. If there had been a robust net inflow in the upcoming days, it would have suggested a further decline. However, the opposite happened, with hundreds of millions of dollars in net inflow recorded. This influx occurred despite Bitcoin 
$78,680 ETFs witnessing exits for the third consecutive day. ETH now holds firm at the $3,700 limit.
The ETF flow caught the attention of TKL, who noted the following:
“Entries into Ether ETFs are rapidly increasing. On Tuesday, spot Ether ETFs recorded a net inflow of $533.9 million, the fourth-largest on record. In contrast, the peak of all-time high levels was $726.7 million recorded on July 16.
This marked the longest 13-day streak of inflows since inception. During this period, investors funneled approximately $4.0 billion into these funds. Consequently, the total net inflow of all Ether ETFs exceeded $8.3 billion.”
Ethereum and Bitcoin (BTC)
While Bitcoin’s price dips below and above $118,000, it is crucial for ETH’s price to remain strong. ETH has recently experienced rapid declines, triggering profit-taking among altcoins. Although the sell-off has weakened, we should expect an increase in the ETHBTC pair.
The 0.0299 level was tested, and the ETHBTC pair has rebounded from this support for now. Is it sufficient? No, we will monitor the 0.033BTC resistance, and if it can be surpassed this time, a target of 0.037, followed by the 0.04 peak, will be aimed for. This will help delineate the course for altcoins in general.
DaanCrypto, who shared the above chart, predicts a strong breakout from the triangle within 1-2 weeks. If the price, which is currently close to the resistance point, attempts to test the base, altcoins might experience losses exceeding 10%.
