Ethereum ETFs See Record Weekly Inflows as ETH Targets $4,000

ethereum exchange-traded funds recorded their highest weekly inflows ever as the flagship altcoin surpassed the $3,000 mark for the first time since August.

According to SoSovalue eth-spot” target=”_blank” rel=”nofollow”>data$154.66 million flowed into Ether-based ETF products over the past week, the highest level since the Securities and Exchange Commission (SEC) approved the offerings in July.

The rally in inflows began after Donald Trump won the US presidential election, sparking a market-wide rally as market participants remain hopeful that the new administration in Washington will introduce more favorable regulations for digital assets.

Since November 6, Ether ETFs have seen three consecutive days of positive flows, accumulating over $217 million. The majority of inflows occurred on Nov. 8, when four ETF offerings attracted $85.86 million, a level not reached since early August.

Blackrock's iShares ethereum Trust ETF (ETHA) led the gains, while 21 Shares CETH, Invesco's QETH, Franklin Templeton's EZET, and Grayscale's ETHE and Mini Trust recorded no flows.

The entries recorded were the following:

• Blackrock ETHA, $59.8 million, 2-day inflow streak.
• Fidelity FETH, $18.4 million, 3-day inflow streak.
• VanEck's ETHV, $4.3 million, 2-day inflow streak.
• Bitwise ETHW, $3.4 million, 2-day inflow streak.

eth ready for 4k: analysts

ethereum (eth) surpassed $3,000 for the first time since August during the early trading hours of November 8. Analysts and investors alike are now dismissing optimistic price targets, seeing eth's recent gains as the start of something bigger.

After falling to a weekly low of $2,395 on November 5, eth, the largest altcoin, began an ascent, hitting a three-month high. Buoyed by favorable U.S. election results, a Federal Reserve rate cut, and rising ETF inflows, ethereum outperformed bitcoin, with weekly gains of over 21% at press time.

If the bulls manage to establish support above the 3000 mark, ethereum could be looking for a run above $4000, as several x analysts suggest.

In a Nov. 9 post, pseudonymous analyst Lucky told his more than 2.2 million followers that a “monstrous rally” could be on the horizon. Based on a graph x.com/LLuciano_BTC/status/1855174981858062611″ target=”_blank” rel=”nofollow”>shared According to the trader, the current uptrend could help eth recover $3,800 in the short term and over $4,600 by February 2025.

On a similar note, analyst Satoshi Flipper x.com/SatoshiFlipper/status/1855177619974562145″ target=”_blank” rel=”nofollow”>highlighted an 8-month descending channel pattern that ethereum is breaking out of, suggesting it is primed for a breakout that could take it directly to $4,000 with little resistance along the way.

In the short term, ethereum faces resistance levels between $3,100 and $3,200, according to a 1-day chart of eth/USD. x.com/IncomeSharks/status/1855169749279527119″ target=”_blank” rel=”nofollow”>shared by market commentator Income Sharks, who also hinted at a change in trend.

As of this writing, eth is up over 4.2% in the last 24 hours, selling for $3,040 per coin, and is down just over 37% from its all-time high of $4,878, reached in late 2021.