Ethereum (ETH), the original “altcoin” and platform for smart contracts, has seen muted price action in the past 24 hours despite the much-anticipated launch of its exchange-traded funds (ETFs).

While weekly performance has dipped into the red, ETH still holds a monthly gain of 4.66%, currently trading around $3,464. The market’s attention now turns to whether the newly approved ETFs can reignite bullish momentum and potentially push ETH back towards the $4,000 mark.

Amid Ethereum’s current trajectory, analyst Carl “The Moon” took to X (formerly Twitter) to point out that ETH is forming a massive bull flag based on the four-hour candlestick patterns. He noted that this formation could propel ETH’s value by 20.35%, potentially putting the altcoin market leader at $4,090.

Besides technical observations, a crucial factor that could drive Ethereum back to the $4K range is the recently approved ETFs. Yesterday, nine Ethereum spot ETFs began trading following the SEC approval.

According to market data, the Ethereum ETFs generated a total volume of $1 billion by the end of the trading day. This figure accounted for 23% of the volume achieved by spot Bitcoin ETFs on their first day, according to Bloomberg senior ETF analyst Eric Balchunas.

Notably, BlackRock’s ETHA ETF reached 25% of its Bitcoin spot ETF volume. Balchunas observed that the gap between Grayscale’s ETHE and the new ETFs stands at a significant $625 million, a substantial portion of which is likely to convert into inflows.

Subsequent data revealed that the Ethereum ETFs collectively saw a net flow of $107 million. BlackRock’s ETHA took the lead, with an impressive inflow of $266.5 million, followed closely by Bitwise’s ETHW, which brought in $204 million.

On the other hand, Grayscale experienced a substantial outflow of $484.1 million. However, the cumulative inflow from other issuers offset the negative flow. ETF analyst James Seyffart described the first day’s performance as “very solid.”

As these Ethereum ETFs continue to trade, the crypto community anticipates that they will positively impact ETH’s value, as Bitcoin reached an all-time high in Q1 after ETFs commenced trading.