Ethereum ETFs post record weekly inflows as ETH eyes $4,000

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As a seasoned analyst with over two decades of market experience under my belt, I have seen countless bull and bear cycles in the digital asset space. The recent surge in Ethereum exchange-traded funds (ETF) inflows and the altcoin’s break above the $3,000 mark is reminiscent of a similar trend we witnessed back in 2017.

Last week saw a record surge in investments into Ethereum-based exchange-traded funds (ETFs) as Ethereum itself exceeded $3,000 for the first time since August.

Based on figures from SoSovalue, a total of approximately $154.66 million has been invested into Ethereum-focused ETFs during the last seven days, marking the largest inflow since the U.S. Securities and Exchange Commission (SEC) gave their approval in July.

After Donald Trump’s victory in the U.S. presidential election, there was an increase in inflows, triggering a broad market surge. This optimism stems from market players believing that the new government in Washington may enact more advantageous regulations for digital assets.

Starting from November 6th, there has been a run of three consecutive days with positive investments in Ether ETFs, totaling approximately $217 million. The majority of these investments happened on November 8th, where four different ETF options received $85.86 million – a figure not seen since early August.

Among various Ethereum-based exchange-traded funds (ETFs), the Blackrock’s iShares Ethereum Trust ETF (ETHA) experienced the most gains, while there were no new investments in 21 Shares CETH, Invesco’s QETH, Franklin Templeton’s EZET, Grayscale’s ETHE, or their Mini Trust during this period.

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

On November 8th’s early market hours, Ethereum (ETH) surpassed $3000 for the first time since August. This milestone has analysts and investors excited, as they are now forecasting bullish price predictions based on ETH’s recent upward trend, which they view as a promising start to something significant.

Starting from a low of $2,395 on November 5th, the leading altcoin, Ethereum, embarked on an upward trajectory, achieving a three-month peak. Fueled by positive U.S. election results, a Federal Reserve interest rate reduction, and increasing ETF investments, Ethereum surpassed Bitcoin in its growth, showing weekly gains of over 21% as of the latest report.

Should bulls successfully set up a support level over the 3,000 mark, various analysts predict that Ethereum might surge towards prices above $4,000.

As a crypto investor, I’ve been closely watching the market following Lucky’s recent post on Nov. 9. This anonymous analyst with over 2.2 million followers hinted at an imminent “monster rally.” Based on the chart he shared, it appears that the current uptrend could propel Ethereum to reclaim $3800 in the near future, and potentially surge beyond $4,600 by February 2025. Exciting times ahead!

In a related observation, another analyst, Satoshi Flipper, has pointed out an 8-month downward channel pattern in Ethereum, indicating that it may be on track for a powerful surge beyond $4,000, as there seems to be minimal obstacles along the way.

For the near future, Ethereum may encounter resistance within the range of $3,100 to $3,200, as suggested by an ETH/USD daily chart posted by market observer Income Sharks. This same expert also indicates a potential shift in the trend.

In the last day, ETH has experienced an increase of approximately 4.2%, currently trading at around $3040 per token. However, it’s currently about 37% lower than its peak all-time high of $4878, which was achieved towards the end of 2021.

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2024-11-09 17:08