The ETHE fund still manages about $7 billion, which could cause Ether ETF net inflows to remain in negative territory in the coming months.

On a positive note, Ethereum may see an adoption by one of its native projects, the stablecoin USD Coin (USDC). Interestingly, the company behind the stablecoin, Circle, has announced its intention to introduce a tap-to-pay feature on all Apple devices.

The market outlook for Ether looks optimistic due to supportive macroeconomic catalysts, especially the possible rate cut by the US Federal Reserve in September. Lower interest rates have proven bullish for cryptocurrencies since the pandemic.

Ethereum Technical Analysis: Bulls and Bears Fight for Supremacy

From a technical perspective, Ether’s price appears to be trapped in a range defined by its 50-week (red) and 200-week (blue) exponential moving averages, coinciding with the $2,800 and $2,000 levels, respectively.

Interestingly, the 50-week EMA coincides with the lower trendline of Ether’s multi-year ascending triangle pattern, creating a confluence of support. Technically, this increases ETH’s ability to withstand any bearish pressure in the coming weeks, thus boosting its potential to break the resistance of the 200-week EMA and target the Fibonacci levels shown in the chart above as the next upside targets ($2,872, $3,294, etc.).