Ethereum ETF Inflows Hit 6-Week High as ETH Hits $2.9K, Analyst Says “ETH Still Cheap To Buy”

Share This Post

Ethereum EIP-7781 Proposal

The post Ethereum ETF Inflows Hit 6-Week High as ETH Hits $2.9K, Analyst Says “ETH Still Cheap To Buy” appeared first on Coinpedia Fintech News

The cryptocurrency market has been experiencing a surge in buying activity after Donald Trump won the U.S. presidential election for the 2nd time. Meanwhile, Bitcoin, the largest cryptocurrency by market cap, surged 10%, reaching a new ATH of $76,203. Ethereum isn’t far behind, surging to $2,878, while its Spot ETF sees record-breaking inflows. Does this mean that a big rally coming for Ethereum soon?

Ethereum Still Cheap To Buy

Ethereum recently broke above the key $2,780 resistance level, marking an 8% increase in price. This is the first time Ether has crossed the $2,800 mark since August, which has caught the attention of many traders.

Notably, Dan Tapiero, founder of 10T Holdings, believes that Ethereum is still “too cheap” and expects its price to rise to over $8,000 within the next year. Despite Ethereum’s impressive 25% growth since the start of 2024, Tapiero considers it undervalued.  

They argue that with Bitcoin hitting new all-time highs, Ethereum has significant potential for further growth in the coming months. This signals that Ethereum could be just beginning its bullish run.

Spot Ether ETF Hit 6-Week High

One of the major factors driving Ethereum’s rise is the increased interest in spot Ethereum exchange-traded funds (ETFs). On November 6, these nine ETFs recorded their highest inflows in six weeks, reaching $52.3 million in total

Most of this came from the Fidelity Ethereum Fund ($26.9 million) and the Grayscale Ethereum Mini Trust ($25.4 million), signaling strong investor interest in Ethereum. Despite some funds seeing outflows, the outlook for Ethereum remains positive.

What’s Next for Ethereum?

Looking ahead, Ethereum faces resistance near the $2,850 level, with major hurdles around $2,880 and $2,950. If Ether manages to break above these levels, the price could quickly head towards the $3,000 mark, sparking a potential rally.

Analysts like Benjamin Cowen suggest that if the ETH/BTC ratio goes above the Simple Moving Average (SMA), Ethereum could see more growth. With strong buying interest, record ETF inflows, and positive forecasts, Ethereum seems ready for a potential breakout.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

POL Price Rebound Targets $0.50: Breakout on the Horizon?

The post POL Price Rebound Targets $050: Breakout on the Horizon appeared first on Coinpedia Fintech News With the altcoins rising, the Polygon (POL) price is below $030 As the buying pressure

Decentralized AI Platform Singularitynet Launches Self-Improving Bot in Minecraft

Decentralized artificial intelligence (AI) platform Singularitynet has announced the launch of AIRIS (Autonomous Intelligent Reinforcement Inferred Symbolism) within the popular game Minecraft, in

Bitcoin ETFs record $621 million inflow amid rare BlackRock outflow following US election

Major asset management firms reported significant inflows in their Bitcoin ETFs following Donald Trump’s victory in the 2024 US presidential election On Nov 6, Fidelity’s FBTC saw an

Ethena (ENA) & Raydium (RAY) Lead the Markets with Over 30% Gains-Here Begins the Biggest Altseason

The post Ethena (ENA) & Raydium (RAY) Lead the Markets with Over 30% Gains-Here Begins the Biggest Altseason appeared first on Coinpedia Fintech News The probability of a strong altseason has

Bitcoin, Ethereum, and Solana Are Set to Explode! Here’s Why

The post Bitcoin, Ethereum, and Solana Are Set to Explode! Here’s Why appeared first on Coinpedia Fintech News After Struggling for the last six months bitcoin price has finally hit the ATH and

Former Digital River Employee Charged in $45K Cryptojacking Scheme

The post Former Digital River Employee Charged in $45K Cryptojacking Scheme appeared first on Coinpedia Fintech News An ex-employee of a Minnetonka-based e-commerce and payment processing