Why is Ethereum (ETH) price up today?
Ether’s price reached a monthly high of $3,450 as spot Ether ETFs saw a record $295 million inflow, while ETH’s open interest reached a new all-time high of $17.98 billion. Ethereum’s native coin, Ether ETH ($3,156.14), hit a new monthly high of $3,450 on November 12 after gaining 6%. The crypto currency is up approximately 30% this month, marking its second-best monthly return since February 2024. Ether’s price has also completed a bullish engulfing pattern in the last three months, confirming a shift in ETH’s long-term market structure.
Ethereum ETFs register record $295 million inflow
On November 11, US spot Ether ETFs received record inflows of approximately $295 million, led by Fidelity’s Ethereum fund with $115.5 million. BlackRock and Greyscale also saw big inflows.
According to Cointelegraph, numerous analysts believe Ethereum is getting institutional investors’ attention after languishing behind Bitcoin BTC $86,985 and Solana SOL $206.49. Rachael Lucas, a cryptocurrency analyst, predicted that Ether would continue to perform well, especially if a pro-crypto administration supports blockchain usage.
The recent Ether ETF inflows coincided with the development of the Michigan State Retirement System’s investment in Ethereum ETFs. The fund revealed ownership of 460,000 shares in the Greyscale Ethereum Fund (ETHE), which are expected to be worth $10 million. It also held 460,000 shares of Grayscale’s Ethereum Mini Trust, worth approximately $1.1 million.
Ethereum open interest reaches new all-time high
Since Donald Trump’s presidential victory, the price of ETH has reached new highs, and traders are increasingly interested in futures contracts. According to CoinGlass data, Ether futures open interest achieved a new all-time high of $17.98 billion on November 12, exceeding the previous high range of roughly $17 billion set in May 2024.
The recent price action may be accountable for the increased demand for leveraged bets, which may dictate Ether’s immediate market highs. From a technical standpoint, Ethereum is currently facing opposition from its immediate resistance level or the supply zone spanning $3,350 to $3,550.
Ether’s first area of attention is between $3,000 and $3,050, where the price may retest a fair value gap with a combination of the 200-day simple moving average. A larger decline could see ETH fall to between $2,900 and $2,750, where the altcoin’s prior resistance range, second fair value gap, and 200-day exponential moving average will support a bullish continuation.
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