Ethereum’s recent price surge has captured the attention of investors, with the asset trading above $3,000 for the first time in recent weeks. The rise is attributed to significant market activity, driven by strong demand for Ethereum ETFs and crypto treasury management.
Ethereum Surges Past $3,000 Amid ETF Influx
Ethereum, the second-largest cryptocurrency by market capitalization, has outperformed several of its top competitors. While Bitcoin recently reached a historic high exceeding $118,000, Ethereum successfully broke through the $3,000 resistance level.
As of the latest updates, Ethereum is trading at approximately $3,001, marking a 7.7% increase over the past 24 hours. This upward movement is largely a result of increased purchasing pressure from Ethereum ETFs and cryptocurrency treasury companies.
Bloomberg ETF analyst Eric Balchunas revealed that U.S. spot Ethereum ETFs recorded net inflows of $211.32 million on Wednesday, contributing to a four-day streak of positive inflows totaling $468.63 million.
Balchunas noted that BlackRock’s iShares Ethereum ETF reported over $800 million in daily trading volumes in the last two days, four times its average volume.
“Given the price increase, it is likely that significant inflows will continue over the next couple of days, presenting a strong opportunity to surpass the daily record of $292 million,” he added.
ETH Aims for $3,700 as Bullish Sentiment Grows
The four-hour chart for ETH/USD reflects a bullish trend but appears ineffective, suggesting the potential for some short-term declines before a renewed rally. Technical indicators indicate a robust buying sentiment in the market.
The Relative Strength Index (RSI) currently stands at 86, indicating that Ethereum is heading towards overbought territory. Additionally, the MACD lines are positioned in positive territory, with buyers firmly in control. The ascending green histogram bars above the neutral line further suggest that bullish momentum is gaining traction.
Should ETH close above the $3,000 resistance level, it could extend its rally toward the next daily resistance at $3,700. If the rally persists, Ethereum may surpass the peak of $4,100 reached in December 2024.
Conversely, if ETH faces rejection at the $3,000 resistance, a retest of support levels, particularly the $2,770 mark, might occur in the coming hours.
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