Ethereum ETFs Achieve Largest Inflows Since August as ETH Rallies to $2,900
Ethereum (ETH) experienced significant growth following Donald Trump's victory in the November 5 US elections, increasing by 21.9% over three days and boosting investor confidence in ETH-based products.
Ethereum ETFs See Third Best-performing Day
Spot Ethereum exchange-traded funds (ETFs) recorded their best performance in 13 weeks amid ETH's price rally. Since their launch in late July, ETH ETFs had a volatile performance, initially exceeding expectations but facing substantial outflows during Q3 market corrections.
In early August, Ethereum products saw their second-largest single-day inflow since launch as the market recovered, totaling $98.4 million in positive net flows led by Blackrock’s ETHA. However, they struggled to maintain inflows, only surpassing $20 million five times in three months.
The current rally has positively impacted sentiment around Ethereum and its investment products. Recently, Ethereum ETFs achieved their best day in six weeks with $52.3 million in inflows on Wednesday, followed by their third-largest performance on Thursday with $79.7 million in inflows.
ETH Rallies 16%, Is $3,500 Next?
Ethereum surged 16.6% in the past week, moving from the $2,500 support zone to approximately $2,900. The cryptocurrency had previously lost the $3,000 support in early August, experiencing a 23% correction during market declines.
Despite repeated rejections at the $2,800 resistance level for three months, Trump's election win provided renewed momentum for the crypto market. Bitcoin (BTC) also entered price discovery mode, reaching an all-time high of $76,800 while Ethereum approached the $3,000 resistance after rising from the $2,400 range.
Crypto analyst Rekt Capital indicated that ETH's recent performance filled a gap formed in early August when prices fell from $3,000 to $2,700. A weekly close above current levels would confirm a breakout from the three-month range, potentially leading ETH to reclaim the $2,900 resistance, setting the stage for a move toward $3,500 and possibly pushing ETH's rally toward its yearly high above $4,000.
Currently, Ethereum is trading at $2,925, reflecting a 4.2% increase in the last 24 hours.
