Ethereum hits 6-month high near $3,700 as ETFs drive momentum

Ethereum is finally moving independently of its big brother, Bitcoin, which has been correcting over the past week.

As a result, ETH prices hit $3,682 during early trading in Asia on Thursday, their highest level since June 10. This culminated in an 18% gain over the past week. Conversely, Bitcoin has declined by 2% over the past seven days.

Ethereum had retreated to $3,600 at the time of writing, but it seems to have woken up after months of slumber.

Ethereum $ETH being sent pic.twitter.com/JxgnOQPniK

— Barchart (@Barchart) November 27, 2024

ETH returns to summer highs

Crypto analyst Rekt Capital commented that Bitcoin’s range between $91,000 and $100,000 “may be a recipe for Ethereum to take the lead and allow money to flow into smaller Altcoins.”

In a separate post, he said ETH would need a weekly close above $3,650 to break out of pre-June highs.

He added that this would allow ETH to target resistance at $4,000 before adding, “Historically, these weekly closes inside red resistance have been preceded by strong upside,” which could see the asset reach $4,500.

$ETH

Ethereum will need to close weekly above ~$3650

Why?

So that it breaks out of its light blue pattern

To subsequently position for a weekly close within the $4000 resistance (red box)

Historically, these weekly closes within red resistance have preceded… pic.twitter.com/fQCJSJTQkV

— Rekt Capital (@rektcapital) November 27, 2024

Engineer and analyst ‘Wolf’ echoed the sentiment to his 107,000 X followers on November 28. “No matter how you look at the $ETH chart, it’s incredibly bullish,” he said before adding:

“One way to look at it is as a 3-year cup and handle, with strong resistance at $4,000. Once it’s cleared, a measured move puts it north of $15,000.”

Meanwhile, investor and entrepreneur Ted Pillows said that ETH was forming an inverse head and shoulders pattern and showing strength despite BTC’s fall before predicting:

“I personally think ETH will outperform BTC in the next 4-6 months, and I’m betting big on it. $10,000 + ETH is slated for this cycle.”

Ethereum bulls post follows months of FUD from Bitcoin maxis and Solana disciples claiming the network and asset were dead.

Ethereum ETFs Drive the Momentum

Institutional investors appear to be leading the charge for spot Ether ETFs in the United States, which have seen large inflows recently.

According to preliminary data from Farside Investors, the nine funds recorded aggregate inflows of $145.7 million on November 27, their highest for a fortnight.

BlackRock’s ETHA fund led the pack with inflows of $55.6 million, followed by Fidelity’s FETH with $38 million and the grayscale mini Ethereum Trust (ETH) with $37.3 million.

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