Ethereum’s Bull Case Is Now Coming From Three Directions $ETH is trading around $2,530, but the more interesting setup is the alignment between capital flows, available supply and technical structure. Institutional demand: spot Ethereum ETFs took in $216M on Friday, pushing September inflows above $327M. BlackRock’s ETHA alone added more than $148M that day, while total assets across the funds have reached roughly $16.3B. Supply pressure: about 43.11M ETH are now staked, equal to a staking ratio of 35.2%. At the same time, exchange balances have fallen to 11.72M ETH, down from 17.85M at last year’s high. More ETH is sitting outside immediately tradable exchange supply while fresh ETF demand continues to arrive. Price structure: ETH has moved above $2,461, formed a bullish flag and printed a golden cross as the 50-day weighted moving average crossed above the 200-day average. The bullish technical case points toward $3,000, while a drop below roughly $2,360 would invalidate the flag setup. The key difference now is that the bullish argument is not relying on one signal. ETF inflows, staking, falling exchange balances and improving technicals are all leaning in the same direction. #Altcoin Season# #ETH #Ethereum #Ad