This week, Ethereum saw significant growth, crossing a key resistance level due to increased ETF inflows and reduced supply on exchanges.
Ethereum Price Surge
Ethereum (ETH) reached a multi-month high of $3,037, up over 120% from its lowest point this year. This surge boosted its market capitalization to $356 billion, solidifying its position as the second-largest cryptocurrency.
ETF Fund Inflows
Inflow into Ethereum ETFs continued to grow, surpassing the $5 billion mark. This week, over $907 million was added to ETFs, significantly exceeding last week's figure of $219 million. This was the highest weekly inflow since the approval of ETFs in September last year, indicating a growing interest from American investors.
Technical Analysis and Forecasts
On the Ethereum price chart, key levels were crossed, including a resistance level at $2,885, and the price briefly moved above the crucial psychological level of $3,000. The formation of a golden cross between the 50-day and 200-day moving averages suggests potential for further gains, possibly leading to the next key milestone at $4,000.
Overall, Ethereum's growth this month illustrates increasing interest in the cryptocurrency from both retail and institutional investors. Current trends indicate the potential for continued growth in the coming months.
