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ethereum (eth) recorded a notable performance following Donald Trump's victory in the US elections on November 5. The second-largest cryptocurrency by market cap has surged 21.9% over the past three days, reigniting bullish investor sentiment for cryptocurrency and eth-based investment products.
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ethereum ETFs record third best-performing day
Amid eth Price Rally, ethereum Spot Exchange Traded Funds (ETFs) Have ethereum-etf-flow-all-data/” target=”_blank” rel=”nofollow”>recorded his best performing day in 13 weeks. Launched in late July, eth ETFs have had unstable performance in recent months.
crypto investment products exceeded experts' expectations during their first two days. However, eth ETFs saw massive outflows amid the third quarter market pullbacks.
ethereum-based products recorded their second-largest single-day inflow since their launch during the early August correction. As the market recovered from the decline, ethereum ETFs recorded $98.4 million in positive net flows, led by Blackrock's ETHA.
Since then, crypto products have struggled to break the $20 million mark, only recording inflows above that range five times in three months.
eth's current rally has seemingly improved sentiment around the cryptocurrency and investment products based on it as it has recorded notable performance over the past two days.
ethereum ETFs recorded their best-performing day in six weeks, with inflows of $52.3 million on Wednesday. Meanwhile, investment products on Thursday posted their third-highest single-day performance and their best day since Aug. 6, with $79.7 million in inflows.
eth rallies 16%, is $3,500 next?
ethereum has seen a massive 16.6% surge over the past seven days, jumping from the $2,500 support zone to the $2,900 mark lost in the middle of the third quarter. The “King of Altcoins” lost the $3,000 support zone in early August, recording a 23% correction during market pullbacks.
The cryptocurrency struggled to break above the crucial $2,800 resistance level, being rejected from this level for the past three months. However, the victory of Republican candidate Donald Trump in Thursday's presidential election has given the entire crypto market a new push towards the second stage of the bull run.
Over the past three days, flagship cryptocurrency bitcoin (btc) has entered price discovery mode, setting its latest all-time high (ATH) at $76,800 on Thursday. Meanwhile, ethereum saw its price move from the $2,400 range to near the long-awaited $3,000 resistance.
crypto Analyst Rekt Capital x.com/rektcapital/status/1854883283487555665″ target=”_blank” rel=”nofollow”>noted that eth's recent performance filled its GME gap, which formed in early August. The gap caused the price of eth to rise from $3,000 to $2,700 before crashing on August 5.
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According to the analyst, a weekly close above current levels, followed by a retest, would confirm eth's breakout of the 3-month range. Additionally, reclaiming the $2,900 resistance would “set eth up for a move to $3,500 over time,” which could further fuel ethereum's rally toward its yearly high above $4,000.
At the time of writing, ethereum is trading at $2,925, up 4.2% in the last 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
