Ethereum ETFs Record Highest Weekly Inflows Since SEC Approval

Ether-based exchange-traded funds (ETFs) have experienced a significant surge in inflows, with $154.66 million flowing into these products over the past week. According to data from SoSovalue, this marks the highest weekly inflow since the Securities and Exchange Commission (SEC) approved the offerings in July.

Market Rally Continues Amid Favorable Regulatory Outlook

The uptick in inflows is largely attributed to the recent U.S. presidential election, which has sparked a market-wide rally as investors remain hopeful that the new administration in Washington will introduce more favorable regulations for digital assets.

The recent rally has seen Ether (ETH) break past the $3,000 mark for the first time since August, with the flagship altcoin experiencing a 21% weekly gain at press time.

Key Players in the Inflows

Blackrock’s iShares Ethereum Trust ETF (ETHA) led the gains, with $59.8 million in inflows over the past two days, followed by Fidelity’s FETH with $18.4 million in inflows over the past three days.

Analysts Predict Optimistic Price Targets

Analysts and investors are now throwing out optimistic price targets, seeing ETH’s recent gains as the start of something bigger. Some predict that if bulls manage to establish support above the $3,000 mark, Ethereum could be looking at a run above $4,000.

Short-Term Outlook

In a recent post, pseudonymous analyst Lucky predicted a “monster rally” could be on the horizon, with ETH reclaiming $3800 in the short term and over $4,600 by February 2025. Fellow analyst Satoshi Flipper highlighted an 8-month descending channel pattern that Ethereum is breaking out of, suggesting it’s primed for a breakout that could push it straight to $4,000.

Resistance Levels Ahead

In the short term, Ethereum faces resistance levels between $3,100 and $3,200, according to an ETH/USD 1-day chart shared by market commentator Income Sharks. While there is a trend reversal in the works, the path forward remains uncertain.

Ethereum’s Performance

When writing, ETH was up over 4.2% in the past 24 hours, selling for $3040 per coin, and is down a little over 37% from its all-time high of $4878, reached in late 2021.

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