ETH Price Soars Past $4K as ETF Demand Surge

eth finally joined the bull party as its price soared above $4,000 for the first time since March this year.

This dramatic rise follows growing interest and demand for ethereum spot ETFs, as Thursday was the best day ever in terms of net inflows.

On the day the US presidential election was decided, November 6, the price of eth was around $2,500. The rest of the market was anticipating the results, but once it became clear that Trump will be the next POTUS, btc and most alts exploded.

ethereum also rose, but remained in the shadow of bitcoin and many altcoins, such as XRP, DOGE, XLM, TRX, SOL, and even BNB at one point. Many of them posted new all-time highs, while others hit multi-year peaks.

eth could not keep up and its price remained within a tight range between $3,000 and $3,400 for a few weeks. However, its time finally came last week, when the second-largest digital asset soared 14% in this time frame.

Furthermore, eth is up more than 6% in the last 24 hours alone. This helped it surpass the coveted $4,000 level for the first time since March this year. It rose to almost $4,100 minutes ago and now remains a few centimeters below that level.

Perhaps the most likely reason behind this impressive rally is the change in dynamics around ethereum spot ETFs. Financial vehicles struggled for months to attract investor attention, especially compared to their btc counterparts, but the landscape is completely different now.

ethereum ETFs <a target="_blank" href="https://farside.co.uk/eth/” data-wpel-link=”external” target=”_blank”>registered their best day to date was December 5, as they saw $428.5 million in net inflows. This broke the previous record from November 29 of $332.9 million.

BlackRock's ETHA led the pack, with $292.7 million, followed by Fidelity's FETH ($113.6 million).

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