Inflows and Market Enthusiasm
Ethereum has seen a surge in inflows and renewed market enthusiasm after the SEC approved Ethereum ETF applications. This follows a recent price spike that brought Ethereum close to $4,000.
Best Week for Ethereum Since March
According to CoinShares, digital asset investment products have experienced $2 billion in inflows, with Ethereum seeing its best week since March, totaling $69 million. This is likely due to the SEC’s approval of spot-based ETFs on Ethereum.
Bitcoin Dominates, Ethereum Surges
Bitcoin continues to dominate the market, with $1.97 billion in inflows for the week. Ethereum has also seen a significant surge in inflows, recording its best week since March.
Ethereum’s Price: Differing Perspectives
Despite the positive developments, Ethereum’s price has struggled to maintain bullish momentum. Market analysts have differing perspectives on its future price action. Some predict a drop to $3,500, while others highlight the low supply on exchanges and potential for a “massive supply shock” from ETFs.
Market Awaits Next Moves
The market eagerly awaits the next movements in Ethereum. As investors and analysts closely monitor the market dynamics, the question of whether a breakout above $4,000 or a retest of lower support levels at $3,500 awaits an answer.
