Ethereum Breaks $3,000 Resistance
ETF Sees Record Inflow of $154.66 Million
New Support Possible at $3,000 Level
While Bitcoin stands out with its all-time highs above $77, Ethereum has achieved a remarkable feat. The second-largest cryptocurrency by market capitalization has surpassed the $3,000 mark, a resistance level that had lasted for months. At the time of publication, the price of ETH was quoted at $3,139.10, up 6% in the last 24 hours.
This remarkable jump in Ethereum’s price coincided with a record inflow into its spot ETF, signaling a new round of bullishness in the market. Last week, an analysis revealed that the Ethereum ETF saw an impressive net inflow of $154.66 million, the largest positive inflow ever recorded in a single week.
This milestone marks the second consecutive week of net gains for Ethereum, highlighting a significant shift into positive territory after an initial negative inflow of $341.35 million during its launch week. The consecutive inflows are a clear sign of strengthening institutional support, which was crucial for ETH to overcome the $3,000 challenge.
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The cryptocurrency is now trading above its 50-day and 200-day Moving Averages, which are located at $2,565.64 and $2,954.58, respectively. These levels are considered key supports for the continuation of the uptrend.
If Ethereum can maintain this momentum, it could potentially reach new highs, with potential resistances around $3,250. The next major support is located in the $3,320-$3,620 price zone. A breakout of this zone could see ETH start a price rally and surpass the $4,020 mark, potentially reaching a new all-time high by the end of 2024, near the $5 zone.
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However, a potential pullback to test support at the 200-Day Moving Average could also offer an entry opportunity for traders following this trend closely.
Ethereum’s breakthrough above the $3,250 barrier not only reflects investor confidence, but it is also likely supported by record inflows into the ETF and favorable technical indicators. With this continued momentum, ETH could solidify $3,000 as a new support level as it heads into year-end.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.