Ethereum (CRYPTO: ETH) has stalled over the past few days as its recent rally lost steam. Even so, the coin has slowly formed a bullish flag pattern, a setup technicians often watch for trend continuation, while ETF inflows jump and the Glamsterdam upgrade nears.

ETH Price Has Some Notable Catalysts 

ETH token has some notable catalysts that may push it to $3,000 in the coming weeks or months. One of them is that investors have continued accumulating the token, with ETFs experiencing inflows in the last ten consecutive days.

They have now added $1.76 billion in inflows this month, the best monthly performance since August last year, when they added $3.4 billion. In total, these funds now have over $12.9 billion in cumulative inflows, bringing the total net assets to over $15 billion.

These ETF inflows have coincided with the rising Ethereum staking. The staking ratio has jumped to 35.2%, with the total staked soaring to over 42.5 million. Stakers are earning a yield of about 2.6%. 

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These inflows, together with institutional purchases, have brought ETH supply in exchanges to its lowest level in months. 

At the same time, Ethereum’s developers are working on the upcoming Glamsterdam upgrade. Glamsterdam will be the successor to Fusaka, which went live last year. Scheduled to go live in the fourth quarter of this year, the upgrade will introduce the enshrined proposer-builder separation (ePBS) and block-level access lists (BAL). 

ePBS bakes proposer-builder separation directly into the protocol at the consensus layer, rather than relying on the current out-of-protocol arrangement, while BAL is the execution-layer counterpart, enabling safer parallel execution and in-protocol builder commitments and payments.

Ethereum Price Has Technical Catalysts

ETH price chart | Source: TradingView

The daily chart shows a few technical developments worth watching. ETH has formed a bullish flag pattern, made up of a sharp vertical move followed by a horizontal consolidation channel. Price is now moving through that channel, which is forming right at a crucial resistance level, one that coincides with April’s high.

The coin has also formed a golden cross pattern as the 50-day and 200-day weighted moving average have crossed each other. It also remains above the Supertrend indicator. Therefore, the token will likely have a bullish breakout, potentially to the psychological level of $3,000.

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