Spot Ethereum exchange-traded funds recorded their highest-ever weekly inflows as the flagship altcoin shot past the $3,000 mark for the first time since August.
According to SoSovalue data, $154.66 million flowed into Ether-based ETF products over the past week, the highest since the Securities and Exchange Commission (SEC) approved the offerings in July.
The uptick in inflows began after Donald Trump won the U.S. presidential elections, sparking a market wide rally as market participants remain hopeful that the new administration in Washington will introduce more favorable regulations for digital assets.
Since Nov. 6, Ether ETFs have experienced three consecutive days of positive flows, accumulating over $217 million. Most inflows occurred on Nov. 8, when four ETF offerings attracted $85.86 million, a level not reached since early August.
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Blackrock’s iShares Ethereum Trust ETF (ETHA) led the gains while 21 Shares CETH, Invesco’s QETH, Franklin Templeton’s EZET, and Grayscale’s ETHE and Mini Trust saw no flows.
The inflows recorded were as follows:
- Blackrock’s ETHA, $59.8 million, 2-day inflow streak.
- Fidelity’s FETH, $18.4 million, 3-day inflow streak.
- VanEck’s ETHV, $4.3 million, 2-day inflow streak.
- Bitwise’s ETHW, $3.4 million, 2-day inflow streak.
ETH set for 4k: analysts
Ethereum (ETH) broke past $3000 for the first time since August during the early trading hours on Nov 8. Analysts and investors alike are now throwing out optimistic price targets, seeing ETH’s recent gains as the start of something bigger.
After dipping to a weekly low of $2,395 on Nov. 5, ETH, the largest altcoin, began an upward climb, reaching a three-month high. Boosted by favorable U.S. election outcomes, a Fed rate cut, and growing ETF inflows, Ethereum outpaced Bitcoin, boasting weekly gains exceeding 21% at press time.
If bulls manage to establish support above the 3,000 mark, Ethereum could be looking at a run above $4000, as suggested by several analysts on X.
In a Nov. 9 post, Pseudonymous analyst Lucky told his over 2.2 million followers that a “monster rally” could be on the horizon. Based on a chart shared by the trader, the current uptrend could help ETH reclaim $3800 in the short term and over $4,600 by February 2025.
On a similar note, fellow analyst Satoshi Flipper highlighted an 8-month descending channel pattern that Ethereum is breaking out of, suggesting it’s primed for a breakout that could push it straight to $4,000 with little resistance in the way.
In the short term, Ethereum faces resistance levels between $3,100 and $3,200, according to an ETH/USD 1-day chart shared by market commentator Income Sharks, who also hinted at a trend reversal.
ETH 1D price chart — Nov. 9 | Source: crypto.news
When writing, ETH was up over 4.2% in the past 24 hours, selling for $3040 per coin, and is down a little over 37% from its all-time high of $4878, reached in late 2021.
Read more: ETH nears $3k as Ethereum Foundation bets on its ‘long term perspective’
