Ethereum could retest $2,707 resistance following increasing ETF inflows and uptrend in funding rates

• Ethereum ETF inflows and positive funding rates could help maintain bullish momentum.
• Investors need to be cautious of ETH’s rising exchange reserve.
• Ethereum could retest the $2,707 resistance after bouncing off the 50-day SMA.

Ethereum (ETH) traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates. However, investors may be wary of a potential correction from ETH’s rising exchange reserve.

Ethereum ETF inflows and positive funding rates paint bullish outlook

Ethereum ETFs recorded net inflows of $43.2 million on Wednesday, bringing their total inflows within the past two days to over $105 million. BlackRock’s ETHA and Grayscale Mini Ethereum Trust were largely responsible for the positive flows, with inflows of $9.4 million and $26.6 million, respectively.

The high inflows follow renewed…