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The US spot Ethereum ETFs registered the highest cash inflow since inception on Monday of over $295 million.
Key Notes
The Ethereum core developers are committed to making Ether more Web3-friendly and competitive.The stablecoins market cap on the Ether network has surged by over $9 billion in the past week.The altcoin market, led by Ethereum ETH $3 366 24h volatility: 5.1% Market cap: $404.78 B Vol. 24h: $68.80 B and Dogecoin DOGE $0.41 24h volatility: 41.6% Market cap: $60.53 B Vol. 24h: $34.23 B , has gained significant bullish momentum following the recent Bitcoin price entry into the price discovery phase. Ethereum price surged over 8 percent in the past 24 hours to trade about $3,405 on Tuesday, November 12, during the mid-London session.
As a result, the large-cap altcoin, with a fully diluted valuation of about $410 billion and a daily average traded volume of about $70 billion, has successfully rebounded from the lower border of a rising trend that began earlier last year.
For the first time since March this year, Ethereum’s daily Relative Strength Index (RSI) surged over the 70 percent level, suggesting the resurgence of bullish sentiments. Moreover, Ether’s price has successfully regained the 200-day Moving Average (MA) as a support level after rebounding from the 50 MA.
If the Ethereum bulls persist in the near term, Ether’s price will likely pump towards its all-time high before the end of this year. Moreover, the crypto cash rotation is favoring large-cap altcoin, as investors speculate an imminent altseason.
Major Factors Driving Ethereum Bulls
The demand for Ethereum to run the largest Web3 ecosystem, which consists of over $61 billion in total value locked (TVL) and more than $91 billion in the stablecoins market, has significantly spiked amid the ongoing crypto bullish outlook. Institutional investors have been betting on the inevitable Ether price breakout, after being trapped in a bearish consolidation for the past eight months.
According to the latest market data, the US spot Ether ETF issuers, led by BlackRock’s ETHA, registered a daily total net inflow of about $295 million on Monday, the highest recorded since the historic approval earlier this year. In the past four days, the US spot Ether ETF issuers have reported a net cash inflow of about $500 million, thus signaling a rising demand.
Following the heightened Ether volatility in the past few days, more than $200 million has been liquidated from the ETH leveraged market. Notably, most of the short ETH traders have been liquidated in the past two days, thus escalating the ongoing crypto short squeeze.
Meanwhile, the Ethereum market has been reacting to the ongoing market shift in major jurisdictions, which will eventually increase the overall crypto liquidity. For instance, the US Federal Reserve and the Bank of England initiated their respective rate cuts on Thursday last week, to bolster their economic outlook ahead.
Additionally, the Chinese government is expected to inject up to $1.4 trillion in the near term to bolster its economic outlook amid the ongoing de-dollarization.
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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