Spot Ethereum exchange-traded funds recorded their highest weekly inflows ever, with the flagship altcoin surpassing $3,000 for the first time since August.
According to SoSovalue data, $154.66 million flowed into Ether-based ETF products last week; This is the highest figure since the Securities and Exchange Commission (SEC) approved the offerings in July.
The increase in inflows began after Donald Trump won the US presidential election, leading to a market-wide rally as market participants maintained hope that the new administration in Washington would impose more favorable regulations for digital assets.
Since November 6, Ether ETFs have experienced three consecutive days of positive flows, accumulating over $217 million. Most of the inflows occurred on November 8, when four ETF offerings attracted $85.86 million; This is a level not reached since the beginning of August.
Blackrock’s iShares Ethereum Trust ETF (ETHA) led the rise, while 21 Shares CETH, Invesco’s QETH, Franklin Templeton’s EZET, and Grayscale’s ETHE and Mini Trust did not see any inflows.
The recorded entries are as follows:
Blackrock’s ETHA, $59.8 million, 2-day entry streak. Fidelity’s FETH, $18.4 million, 3-day entry streak. VanEck’s ETHV, $4.3 million, 2-day entry streak. Bitwise’s ETHW, $3.4 million, 2-day entry streak. ETH set to 4K: analysts
Ethereum (ETH) surpassed $3,000 in the early trading hours of November 8 for the first time since August. Analysts and investors are now discarding their optimistic price targets and seeing ETH’s recent gains as the beginning of something bigger.
ETH, the largest altcoin, rose to a three-month high after falling to a weekly low of $2,395 on November 5. Supported by positive US election results, a Fed interest rate cut and rising ETF inflows, Ethereum has outpaced Bitcoin with weekly gains exceeding 21% at the time of writing.
If the bulls manage to establish support above the 3,000 level, Ethereum could rally above $4,000, as suggested by several analysts at X.
Pseudonymous analyst Lucky told his more than 2.2 million followers in a Nov. 9 post that a “monster rally” could be on the horizon. According to a chart shared by the trader, the current uptrend could help ETH regain $3,800 in the short term and rise above $4,600 by February 2025.
On a similar note, fellow analyst Satoshi Flipper highlighted the 8-month descending channel pattern that Ethereum broke, suggesting that it is poised for a breakout that could push it directly to $4,000 with little resistance.
According to the ETH/USD 1-day chart shared by market commentator Income Sharks, which hints at a trend reversal, Ethereum is facing resistance levels between $3,100 and $3,200 in the short term.
ETH 1D price chart — November 9 | Source: crypto.news
At the time of writing, ETH is up over 4.2% in the last 24 hours, selling for $3040 per coin, and is down just over 37% from its all-time high of $4878 reached in late 2021.