The post Ethereum ETF Inflows Surge: $500 Million in 4 Days Fuel ETH Price Rally appeared first on Coinpedia Fintech News
As the crypto cash flow continues to favor large-cap altcoin, Ethereum (ETH) has reminded speculative investors why it is the top-traded altcoin. The veteran altcoin, with a market cap of over $401 billion and a daily average trading volume of around $66.9 billion, has surged 41 percent in the last eight days to trade about $3,332 on Tuesday, November 12, during the early European session.
Ethereum Network Registers Robust Fundamentals
After trailing Solana (SOL) in daily active addresses in the recent past, the Ethereum bulls have re-awakened. Ethereum’s bullish momentum has significantly surged following the recent U.S. election, which saw the victory of pro-crypto leaders.
Additionally, the Ethereum ecosystem, which harbors the largest Web3 ecosystem, has significantly benefited from last week’s Fed rate cut, which coincided with a similar move by the Bank of England (BoE).
Ethereum’s stablecoins market cap has surged by over $9 billion in the last eight days. Similarly, the total value locked (TVL) on the Ethereum network has increased from $45 billion to $61 billion in the past week.
The notable spike in Ethereum market value is heavily attributed to the rising demand from institutional investors, led by the U.S. spot Ether ETFs. In the past four days, the US spot Ether ETFs, led by BlackRock’s ETHA, have attracted over $500 million in cash inflow.
Midterm Targets
As the Ethereum core developers meet the community in Bangkok, Thailand for the 2024 Devcon, the fear of further capitulation has significantly subsided. Ethereum’s fear and greed index surged to 81 percent, signaling extreme greed from investors.
From a technical analysis standpoint, Ethereum’s price has successfully regained the 200 weekly Moving Average (MA) as a support level. If the bullish sentiment persists in the coming weeks, Ethereum price is well primed for $6k before the end of this year.