Ethereum has taken a major leap, surpassing Bank of America (BoA) as the altcoins valuation soars to $327 billion earlier today, with ETH price hitting $2,725 levels for the first time since February. Additionally, inflows into spot Ether ETFs have surged above $100 million, suggesting a strong inflow of institutional money. All eyes are on ETH price regaining $3,000 and moving to its fresh all-time high.
Ethereum Rally To Continue Ahead?
Over the last 15 days, Ethereum has added a massive $100 billion to its market cap in a quick recovery from the lows of $1,800 to $2,700. In this journey, the altcoin has overtaken top giants like Nestle, Alibaba, Coca-Cola, and now BoA.
Source: Companies MarketCap
Popular crypto analyst Ali Martinez noted that with this upside, ETH has built “a solid support floor at $2,370, with no significant resistance walls ahead!”
According to crypto analyst Kyledoops, Ethereum price has surpassed its Realized Price of $1,900, marking a return to profitability for the average holder. Moreover, the largest altcoin is also trading above the True Market Mean of $2,400, a critical threshold in previous market cycles.
Source: Glassnode
The analyst added that the next level to watch is the Active Realized Price at $2,900. Reclaiming this level could reignite confidence and draw more capital into the market.
ETH Price Rally to $3,900 Soon?
With 50% gains just in the last 15 days, ETH price rally has grabbed institutional and retail investors’ attention alike. As of press time, Ether price is trading at $2,725 with its market cap at $327 billion. Furthermore, Coinglass data shows that the ETH futures open interest has surged by 5% to more than $34 billion, hinting at strong bullish sentiment among traders.
Popular crypto analyst Rekt showed how Ethereum has successfully bounced from the key support level of $2,468, and is preparing for the next leg of its journey to $3,900.
Source: Rekt Capital
Spot Ether ETF Inflows Shoot Up Over $100 Million
On Thursday, the US SEC delayed the decision on staking on 21Shares Spot Ethereum ETF. However, this hasn’t stopped fresh inflows pouring into the investment product.
Data from Farside Investors shows that inflows into spot Ether ETFs surged past $100 million for the first time in a month. The key contributors to yesterday’s inflows were Grayscale Ether ETF at $43.7 million followed by Fidelity FETH at $42.2 million, while Grayscale mini-Ether ETF saw inflows at $18.7 million.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
