Ethereum price broke above the psychological level of $3,000 multiple times in a week. Record ETF inflows sparked this movement, but other factors were also influential.
Record ETF Inflows
According to SoSoValue, Ethereum-related ETFs attracted $907.99 million over the past week, marking the largest inflow in history. The sustained price increase is now supported by institutional investment in addition to retail demand.
Confirmation of Interest Through Open Interest and Whale Activity
Data from CryptoQuant shows that Open Interest for Ethereum has surpassed $21.5 billion, representing the highest level in over a year. Meanwhile, whale activity shows the largest Ethereum wallets are accumulating assets, as highlighted by Santiment. Additionally, total value locked in DeFi has grown by 18% month-on-month.
Chart Patterns and Projections for $10K
Several technical analysts are comparing the current Ethereum movement to the pattern observed in 2016-2017 that led to significant price growth. Analysis indicates Ethereum is moving toward $10,000 based on historical patterns and current institutional inflows. Breaking Fibonacci levels further confirms positive market trends.
Ethereum's price confidently surpassed the $3,000 mark, supported by record ETF inflows and whale activity. Current technical indicators and models suggest the potential for reaching $10,000, though it is important to consider the possibility of a correction if prices fall below $2,693.
