Ethereum has crossed the $3,800 USD benchmark, showing growth of over 6% in the past 24 hours amidst broader market fluctuations.
Ethereum's Growth
Ethereum has consistently moved in an uptrend, currently trading at $3,774. Its daily trading volume surpassing $50 billion supports the bullish momentum, indicating increased investor interest. It has recovered above the critical resistance level of $3,500 and shows a bullish pattern with the 50-day EMA crossing above the 200-day EMA.
Analyst's Viewpoint
Prominent onchain analyst Ali Martinez noted Ethereum's upward trajectory beyond $3,800. "At $2,400, they said #Ethereum $ETH was dead. At $3,800, everyone wants a piece of it," he stated. Martinez highlighted that the Ethereum network is showing consistent growth, with over 134,000 new ETH addresses being added daily.
ETF Driving Momentum
The surge in Ethereum's price comes amid positive Ethereum ETF sentiment. On December 3, Ethereum ETFs showed net inflows of $132.6 million, marking the third consecutive day of positive inflows. BlackRock’s ETHA led with inflows of $65.3 million, followed by Fidelity’s FETH with $73.7 million in inflows. However, Grayscale’s ETHE witnessed outflows totaling $6.4 million.
Ethereum's steady growth continues to attract the attention of analysts and investors, while Ethereum ETFs maintain their appeal, positively influencing the market.
