Ethereum Hits 6-Month High Near $3,700 as ETFs Drive Momentum
Ethereum prices have reached their highest levels in nearly six months as institutions fuel momentum. Ethereum is finally moving independently of its big brother, Bitcoin, which has corrected in the last week.
As a result, ETH prices reached $3,682 during early Asian trading on Thursday, the highest since June 10. This culminated in an 18% increase over the previous week. In contrast, Bitcoin has fallen by 2% in the last seven days. Ethereum had dropped below $3,600 at the time of writing, but it appears to have awoken after months of dormancy.
ETH Returns to Summer Highs
According to cryptocurrency analyst Rekt Capital, Bitcoin’s price range of $91,000 to $100,000 “may very well be a recipe for Ethereum to take the lead and enable money flow into smaller Altcoins.”
In a separate piece, he stated that ETH would require a weekly closing above $3,650 to break out from its previous highs in June.
He went on to say that this would allow ETH to target resistance at $4,000, adding, “Historically, such weekly closes inside the red resistance have preceded strong upsides,” which could see the asset reach $4,500. Engineer and analyst ‘Wolf’ shared the remark with his 107,000 X followers on November 28. “No matter how you look at the $ETH chart, it’s incredibly bullish,” he stated before adding.
Ted Pillows, an investor and entrepreneur, predicts that ETH will surpass BTC over the next 4-6 months, citing an inverted head and shoulder pattern and strong performance. This cycle has more than $10,000 in ETH coded. The Ethereum bullish message comes after months of FUD from Bitcoin maxis and Solana followers who claimed that the network and asset were dying.
Ethereum ETFs Driving Momentum
Institutional investors appear to be leading the charge with spot Ether ETFs in the United States, which have seen large inflows recently.
According to preliminary data from Farside Investors, the nine funds saw an aggregate inflow of $145.7 million on Nov. 27, their highest for a fortnight.
BlackRock’s ETHA fund led the pack with $55.6 million inflows, followed by Fidelity’s FETH with $38 million and the Grayscale mini Ethereum Trust (ETH) with $37.3 million.
Engineer and analyst ‘Wolf’ echoed the sentiment to his 107,000 X followers on Nov. 28. “No matter how you look at the$ETH chart, it’s incredibly bullish,” he said before adding:
“One way to view it is as a 3-year cup and handle, with major resistance at $4k. Once that’s cleared, a measured move places it north of $15k.” Ted Pillows, an investor and entrepreneur, predicted that ETH would outperform BTC over the next 4-6 months, citing an inverted head and shoulder pattern. This cycle has more than $10,000 ETH scheduled.” The Ethereum bull-posting comes after months of FUD from Bitcoin maxis and Solana followers who said the network and asset were dying.
Buy and sell crypto in minutes with 0.20% trading fees at Bitdenex Exchange.