Ethereum ETFs are starting to display evidence of picking up by institutional investors once again, as new inflows of capital indicate an increasing bullishness. Ethereum spot ETFs had $6.5 million in new inflows on May 1st, led primarily by Fidelity’s Ethereum Fund (FETH), which made up for the entire net positive flow. Though the number might seem small when compared with Bitcoin ETFs, it reflects subdued accumulation in the context of a larger tide of crypto investment.

Fidelity’s FETH was the sole Ethereum ETF to experience inflows on the day, with Grayscale’s Ethereum Trust (ETHE) experiencing a $12 million outflow. Notably, these outflows were balanced equally by $12 million flowing into Grayscale’s recently spot Ethereum ETF (ETH), indicating a possible rotation of investor capital as opposed to an absolute exit from Ethereum-based funds. All other Ethereum ETFs remained inactive, indicating risk-averse investor positioning.

At the same time, Bitcoin ETFs remain at the center of institutional focus. On the same day, Bitcoin ETFs saw a staggering $422.5 million inflows, dominated by BlackRock’s IBIT, which alone recorded $351.4 million inflows. Other top institutions like Grayscale, Bitwise, Fidelity, VanEck, and Franklin also recorded substantial inflows. This dichotomy between Bitcoin and Ethereum ETF flows shows that although interest in Ethereum persists, Bitcoin is still the preferred destination for large-scale investment currently.

In spite of this imbalance, Ethereum is building quietly. Based on SoSoValue data, in the last 24 hours, Ethereum spot ETFs experienced total net inflows of $104 million. This took the total assets under management in Ethereum ETFs to $6.14 billion, with a net asset ratio of 2.83%. Total historical inflows have now reached $2.4 billion, highlighting increasing institutional faith in Ethereum’s long-term value.

Technically, Ethereum’s Relative Strength Index (RSI) is 57, which is a level where the buying pressure is typically gaining strength. This means that although the price may not have broken out considerably, investor sentiment is starting to turn in the bullish direction. Both Bitcoin and Ethereum RSI suggests that market participants are growing more optimistic, likely setting the stage for a move higher.

At the time of writing, Ethereum stood at $1,834.35, registering a comparatively low 0.18% gain over the past 24 hours. Bitcoin increased by 0.72% to $96,850.00. While ETH’s action may appear subdued relative to the others, the consistent accumulation through ETF products and positive technical indications could be an omen of a breakout to follow.

In the future, if Ethereum can hold on to its rally and keep drawing ETF inflows, it could challenge the psychological resistance level of $2,000. However, this bullish scenario could be undermined if sellers would rather take profits at levels of resistance. In such a case, Ethereum could fall back to support around the $1,730 level, which has acted as a price floor in the past.

Short, indeed, is the time that Bitcoin is still sweeping up the lion’s share of institutional money, with Ethereum gradually catching up. Growing Ethereum ETF inflows, especially from highly respected issuers like Fidelity, reflect growing confidence in ETH’s future performance. Coupled with bullish market sentiment like a tightening RSI and steady price appreciation, Ethereum may be positioning itself for a large-scale move higher. Both investors and analysts will be watching closely to see if this quiet accumulation will be able to drive a long-term rally over the $2,000 level.