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Key Notes
Ethereum price has gradually gained bullish momentum following the recent rebound above $3K.The US spot Ether ETFs have now registered four conservative days of notable cash outflows.After being trapped in a correction mode in the last two weeks, Ethereum price ETH $3 132 24h volatility: 0.3% Market cap: $376.63 B Vol. 24h: $36.95 B has established a robust support level above $3,050 in the daily time frame, thus signaling a potential bullish continuation in the near term. The large-cap altcoin, with a fully diluted valuation of about $378 billion and a daily average traded volume of around $35 billion, has gained over 2% today to trade about $3,140 during the mid-London session.
As Bitcoin price BTC $97 523 24h volatility: 4.4% Market cap: $1.93 T Vol. 24h: $101.94 B rallied to a new all-time high of above $97.8K earlier today, Ethereum price has been gathering bullish sentiment. Moreover, the leading altcoin has been forming a potential bullish flag, through a descending symmetrical triangle.
From a technical analysis standpoint, Ether price against the USD has been completing the first correction of the Elliott wave theory, following the bullish breakout earlier this month. As a result, a successful pump above the resistance level of around $3,444 will propel Ether price toward the next major liquidity range between $3,900 and $4,000.
According to a popular market trader Peter Brandt, Ether price against Bitcoin is currently retesting a crucial support trend line, which could lead to a market reversal. With Bitcoin dominance having reached a crucial resistance level above 61%, Brandt argues that Ether’s price is well poised to outshine BTC price in the near term.
$ETH Will Soon join the Party & #Altseason will likely start when Ethereum breaks out of its Broadening Wedge.
Midterm Target : 5440$#Crypto #Ethereum #ETHUSDT pic.twitter.com/uTBokHASDN
— Captain Faibik 🐺 (@CryptoFaibik) November 21, 2024
Why Bet on Ethereum Bulls Ahead?
Despite the meteoric growth of the Solana (SOL) ecosystem fueled by its meme coins, the Ethereum network has remained the undisputed leader in the web3 space. As of this writing, the Ethereum network had a total value locked (TVL) of about $60 billion and a stablecoins market cap of nearly $98 billion.
With more institutional investors seeking to tokenize real-world assets (RWA) on the Ethereum blockchain, it is prudent to consider the altcoin in the coming months. Moreover, the RWA space is expected to unlock trillions of dollars in global markets, with the Ethereum network already leading the way.
Meanwhile, the demand for Ethereum among institutional investors has been fluctuating since the approval of US spot Ether ETFs. Cumulatively, the US spot Ether ETFs have registered a net cash inflow of $27.82 million, thus the total assets under management (AUM) hovers around $8.98 billion.
BlackRock’s ETHA has continued to accumulate more Ether and currently holds more than $1.7 billion worth of ETH. Grayscale’s ETHE registered a net cash outflow of about $16.29 million on Wednesday and currently has $4.66 billion in AUM.
With the improving Ether’s spot market, Ethereum price is well positioned to rally parabolically in the coming months, potentially surpassing $10k in this bull cycle.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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