Ethereum (CRYPTO:ETH) is experiencing notable momentum in the market, with expectations of reaching a new all-time high, following the trend of Bitcoin (CRYPTO:BTC).
What happened
According to BitFinanzas, Ethereum is on an upward trajectory that could take its price to between $5,500 and $6,000. To reach these levels, ETH must overcome the $3,600 resistance, approaching its record high of $4,800 set in November 2021. Currently, Ethereum is trading at $3,112.25, with a monthly increase of 17.49%, according to CoinMarketCap.
Bitcoin’s recent rise, fueled by a rally related to the victory of donald trumphas generated optimism in the Cryptocurrency market. Bitcoin reached $91,602.80, which could positively influence Ethereum.
Whales have played a crucial role in the accumulation of Ethereum. The renowned cryptocurrency analyst Ali Martinez reported that these entities acquired more than 430,000 ETH, valued at at least $1.4 billion, in the last two weeks. IntoTheBlock also noted an increase in large daily Ethereum transactions, surpassing 10,000 per day.
One notable case involved a whale that achieved an 800% return, generating over $30 million. These moves reflect the growing confidence of large investors in Ethereum.
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Why is it important
Ethereum ETFs have seen an impressive turnaround in their performance this past week. Eric Balchunasa fund expert, described this phenomenon as a “rapid and sudden rise” that brought them out of the “dark depths.”
Since their debut in July 2024, these ETFs faced constant withdrawals. However, the situation changed after the victory of donald trump Election Day, November 5, marked the start of a six-day streak of net inflows into Ethereum ETFs.
Trading volume reached $3 billion, reflecting intense activity in the buying and selling of shares of these funds. Among the leaders in net inflows are the iShares Ethereum Trust ETF (NASDAQ:ETHA) BlackRock (NYSE:BLK) and the Fidelity Ethereum Fund (BATS:FETH) Fidelity.
On the other hand, the Grayscale Ethereum Trust (ARCA:ETHE) saw net outflows of $101 million. Forms 13F filed with the US Securities and Exchange Commission (SEC) revealed an increase in institutional investment, with Goldman Sachs (NYSE:GS) investing more than $25 million in these ETFs for the first time.
Photo courtesy of Pixabay
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