On December 6, the price of the second-largest cryptocurrency by market capitalization exceeded the $4000 level for the first time since March. Over the past 24 hours, the asset rose by 1.4%, according to CoinGecko.
Renowned crypto trader Scott Melker highlighted that on December 5, Ethereum-based spot exchange-traded funds recorded an unprecedented inflow of $428.5 million.
Ethereum ETFs Break Inflow Records While Bitcoin ETFs See Largest Gain In 2 weeks
U.S. spot ETH ETFs saw record inflows of $428.5 million on Thursday, led by BlackRock’s ETHA with $292.7 million, pushing five-day net inflows to nearly $800 million. Since their July launch, ETH… pic.twitter.com/rLTCH0vhpM
— The Wolf Of All Streets (@scottmelker) December 6, 2024
In late November, experts from Block Scholes and Bybit Analytics concluded that growing investor interest and hopes for regulatory easing are setting the stage for an Ethereum rally above $4000 before Donald Trump’s inauguration.
Prior to this, the asset’s price had risen to levels near $3700, outpacing Bitcoin in growth rate. At that time, QCP Capital observed signs of capital flowing into altcoins.
At the time of writing, the open interest in Ethereum futures reached $27.9 billion.
Analyst known as Wolf identified the formation of a “Triangle” pattern on the Ethereum chart since November 2021. In his view, a potential breakout from this consolidation zone targets $20,000.