As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I find myself intrigued by the recent surge in Ethereum spot ETF inflows and the optimism surrounding ETH‘s potential new all-time high.
For the past 16 days straight, Ethereum spot exchange-traded funds (ETFs) have experienced daily inflows, boosting hope that Ethereum might hit a fresh all-time high in the upcoming weeks. Yet, Ethereum must overcome its significant resistance level of $4,000 to achieve this milestone.
Ethereum Spot ETFs Attracting Consistent Inflows
Based on information from SoSoValue, inflows into Ethereum spot ETFs have been consistently positive since November 22. The cumulative net inflows amount to approximately $2.32 billion, with a substantial addition of around $1.5 billion between November 22 and December 16.
As an analyst, I’ve analyzed the weekly inflows and noticed a significant trend. The week ending December 13 reported net inflows of around $854.85 million, with the previous week, ending December 6, following closely at approximately $836.69 million. Furthermore, the total assets managed by Ethereum ETFs have surged to a staggering $14.28 billion, accounting for roughly 2.93% of the entire circulating Ethereum supply.
As a researcher delving into the world of Ethereum Exchange Traded Funds (ETFs), I’ve observed an interesting trend. The Grayscale Ethereum Trust (ETHE) leads with a substantial net asset value of $5.87 billion, closely followed by Blackrock’s iShares Ethereum Trust (ETHA) with $4.02 billion. These impressive inflows into Ethereum ETFs have ignited optimism among investors, fueling the belief that Ethereum could potentially reach a new All-Time High (ATH), further solidifying its position as the second-largest cryptocurrency by market capitalization.
Crypto expert Momin Saqib recently discussed ETH’s price movement with X. Saqib observed that ETH appears ready to surpass its current high of around $4,000 and aims for a potential new level at $4,500. Additionally, he mentioned…
Over the past few weeks, there’s been a constant stream of Ethereum inflows! With Bitcoin reaching $107K…. It seems like institutions are running out of choices to invest in the potential growth of the crypto market! Onward and upward!
Examining Ethereum’s weekly graph, we find that the digital token has made four substantial pushes to exceed the $4,000 barrier of resistance. In its second effort, it momentarily transcended this mark, achieving its all-time high (ATH) of $4,878. However, this surge turned out to be a false breakout, triggering a prolonged bear market that persisted for the following two years.
Analyst from Rekt Capital observed that after breaking past $3,100, Ethereum successfully revisited this price level and subsequently surged back towards $4,000. They emphasized that Ethereum has maintained itself above the $4,000 region as a support for the last two weeks in a row, which is an important sign that could potentially lead to more positive price movements ahead.
Despite The Potential Upside, ETH Traders Remain Cautious
As Ethereum’s foundations solidify, its technical charts show bullish signs, and ETF investments continue to rise, there’s an overall favorable outlook. However, certain analysts express a measured optimism regarding Ethereum’s immediate price fluctuations.
To illustrate, the analyst CryptoBullet pointed out that Ethereum (ETH) might experience a swift drop to around $3,700 prior to recovering. Additionally, the analyst noted that Ethereum’s capacity to maintain itself above crucial resistance levels signals its robust bullish energy.
A possible rephrasing could be: The actions of Justin Sun, creator of Tron (TRX), may be causing a temporary decrease in optimism due to his decision to withdraw $208 million worth of ETH from Lido Finance. This action has sparked worries about increased selling pressure. Currently, ETH is trading at $3,947, representing a 0.2% drop over the past 24 hours.
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2024-12-18 10:34