As the leading altcoin soared beyond $3,000 for the first time since August, spot Ethereum exchange-traded funds had their largest weekly inflows ever
The most money has moved into Ether-based ETF products since the Securities and Exchange Commission (SEC) authorized the sales in July, with $154.66 million flowing into these products over the last week, according to SoSovalue statistics.
Following Donald Trump’s victory in the U.S. presidential election, inflows increased, igniting a market-wide rise as investors hold out hope that the incoming administration in Washington will enact more benevolent laws governing digital assets.
Ether ETFs have seen positive flows for three days in a row since November 6 and have amassed more than $217 million. The majority of inflows were on November 8, when four ETF offerings brought in $85.86 million, the highest amount since early August.
While there were no flows in 21 Shares CETH, Invesco’s QETH, Franklin Templeton’s EZET, Grayscale’s ETHE, or Mini Trust, Blackrock’s iShares Ethereum Trust ETF (ETHA) led the gains.
The following inflows were noted:
- Blackrock’s ETHA had a two-day inflow streak of $59.8 million.
- Fidelity’s three-day inflow streak of $18.4 million in FETH.
- VanEck’s $4.3 million, two-day inflow streak for ETHV.
- Bitwise’s ETHW had a two-day inflow streak of $3.4 million.
- 4K for ETH: analysts
Early on November 8, Ethereum crossed the $3000 mark for the first time since August. Because they believe that ETH’s recent advances are the beginning of something bigger, analysts and investors alike are now putting out bullish price forecasts.
The biggest altcoin, ETH, started to rise after plunging to a weekly low of $2,395 on November 5 and eventually reached a three-month high. Favorable U.S. election results, a Fed rate cut, and increasing ETF inflows helped Ethereum surpass Bitcoin, with weekly gains of more than 21% at the time of writing.
Several analysts on X have predicted that Ethereum may see a run above $4000 if bulls are able to create support above the 3,000 level.
Pseudonymous analyst Lucky warned his more than 2.2 million followers that a “monster rally” might be approaching in a post he made on November 9. According to a graphic that the trader published, ETH may be able to recover $3800 in the near future and surpass $4,600 by February 2025 thanks to the present rally.
Similar to this, fellow analyst Satoshi Flipper pointed out that Ethereum is emerging from an 8-month descending channel pattern, indicating that it is ready for a breakout that could send it straight to $4,000 with minimal opposition.
An ETH/USD 1-day chart released by market analyst Income Sharks suggests that Ethereum may encounter resistance levels between $3,100 and $3,200 in the near future. The chart also suggests a trend reversal.
As of this writing, ETH is down slightly more than 37% from its peak of $4878, which was hit in late 2021, and was up more than 4.2% over the previous day, trading at $3040 per coin.