Ethereum $3,727‘s native cryptocurrency ETH, XRP, Cardano (ADA) 
$1 While other altcoins such as and BNB have made strong gains, they have not yet achieved the same momentum. Investors expect the ETH price to rise to $4,000 as flows into Ethereum ETFs increase again. Currently, ETH price remains stable at around $3,700.
ETH Price Performance
Ethereum is in a period where there is no significant rally in this altcoin season compared to its competitors such as XRP, ADA and BNB. However, bulls are maintaining ETH’s strong support levels. This increases investors’ confidence in ETH.
“ETH’s daily support level is maintained, but I recommend not chasing ETH at this level,” said crypto analyst IncomeSharks.
The analyst pointed out the importance of focusing on on-chain events and stated that ETH falling below $ 3,200 could trigger selling pressure. On the other hand, he stated that $4,000 or higher is a target for ETH in the short term. The start of the upward trend in ETH price is extremely important as it will trigger the bull season in altcoins in general.
Increase in Ethereum ETF Flows
Flows into spot Ethereum ETFs increased again on Tuesday, December 3. Net inflows rose from $24 million on Monday to $132 million on Tuesday, led by Fidelity’s FETH and BlackRock’s ETHA. BlackRock’s Ethereum ETF has raised over $2.2 billion since inception, while Fidelity’s FETH is nearing its $1 billion target.
This increase was supported by significantly lower outflows from Grayscale’s ETHE. While ETHE had an outflow of over $44.3 million on the previous day, this figure decreased to $6.4 million on Tuesday.
The revival in Ethereum-based NFT transaction volume also stands out as an important part of this growth. Ethereum-based NFT marketplaces recorded their highest volumes since June.
Ethereum’s on-chain volume increased to $183.7 billion in November, the highest monthly figure since the beginning of 2021.
A large cup handle pattern has formed on Ethereum’s annual chart since November 2021. However, Ethereum needs to confirm this with its move above $3,800. This confirmation will pave the way for explosive growth in the coming period. Analysts are targeting $7,346 for ETH based on the historical reliability of this formation.
The continued growth of interest in Ethereum ETFs is acting as a positive catalyst for ETH price. The continuation of these flows could lead to further increases in the value of Ethereum in the future.
- Ethereum price is stalling near the $4,000 target.
- Interest and flows into ETFs are on the rise.
- Analysts note that ETH maintains strong support levels.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
