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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Nov 07, 2024 08:47 UTC
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Ethereum Price Hits $2.9K as ETH Spot ETFs Drive Record Inflows – Grab It While You Still Can!
Spot Ether ETFs see record $52.3 million inflows, signaling increased investor interest.
Analyst Dan Tapiero says Ethereum is undervalued, predicting a rise to $8,000 next year.
ETH faces resistance at $2,950; analysts see $3,000 as next potential breakout level.
The cryptocurrency market has been buzzing with excitement following Donald Trump’s second U.S. presidential victory. With his win, buying activity surged, and the market saw a noticeable shift. Bitcoin, the market leader, surged 10%, hitting a new all-time high (ATH) of $76,203, signaling a renewed sense of optimism among investors.
But it’s not just Bitcoin that’s making headlines—Ethereum, the second-largest cryptocurrency, is also seeing impressive gains, reaching $2,878, while its Spot ETF records massive inflows.
With these movements raising many questions, one stands out: Could Ethereum be gearing up for its own explosive rally? The stage seems set for a potential breakout, but what’s driving this surge, and what could come next? Let’s dive in.
Ethereum Still “Cheap” To Buy
Ethereum recently broke through the crucial $2,780 resistance level, seeing an 8% price increase. This is the first time since August that Ether has surpassed the $2,800 mark, catching the attention of many traders. With this breakout, Ethereum may just be getting started.
Dan Tapiero, founder of 10T Holdings, believes Ethereum is still “too cheap” at its current price and predicts it could rise above $8,000 within the next year. Despite Ethereum’s strong 25% growth in 2024, Tapiero argues it remains undervalued.
With Bitcoin already hitting new all-time highs, Tapiero suggests that Ethereum could follow suit with its own significant rally.
Spot Ether ETF Hits 6-Week High
One of the major factors driving Ethereum’s rise is the increased interest in spot Ethereum exchange-traded funds (ETFs). On November 6, these nine ETFs recorded their highest inflows in six weeks, reaching $52.3 million in total.
The largest inflows came from the Fidelity Ethereum Fund ($26.9 million) and the Grayscale Ethereum Mini Trust ($25.4 million), showing strong investor interest. Although some funds experienced outflows, the overall outlook for Ethereum remains positive.
What’s Next for Ethereum?
Looking ahead, Ethereum faces resistance around the $2,850 level, with more challenges at $2,880 and $2,950. However, if Ether manages to break through these levels, it could quickly move towards $3,000, potentially triggering a larger rally. Analysts like Benjamin Cowen suggest that if the ETH/BTC ratio rises above the Simple Moving Average (SMA), Ethereum could see more growth.
With strong buying interest, record ETF inflows, and optimistic predictions from top analysts, Ethereum looks ready for a potential breakout. If it continues to gain momentum and breaks through key resistance levels, Ethereum could be on the verge of a major rally, making it an exciting asset to watch.
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