In a notable turn of events, spot Ethereum ETFs in the United States have recorded their largest inflows in six weeks. This surge was fueled by a combination of Donald Trump’s election win and a recent Federal Reserve rate cut. On November 8, a total of nine spot ETFs garnered a net inflow of $85.9 million, marking a renewed interest in Ether ETFs and reversing weeks of outflows. This positive trend has left market experts feeling optimistic, with some analysts even predicting that Ethereum (ETH) could reach $4,000 by the end of the month.
Ethereum ETF Hits Record High Inflow
The recent inflow into Ethereum ETFs has been impressive, driven by Bitcoin’s unprecedented rise above $77,000. On November 8, spot Ethereum ETFs experienced their highest weekly inflow, amounting to $85.9 million, which contributed to a total weekly inflow of $155 million, as reported by Farside. This surge followed inflows from the previous days, with $52.3 million on November 6 and $79.7 million on November 7, despite a major outflow of $63.2 million on November 4. Although these figures are modest compared to spot Bitcoin ETFs, they indicate a healthy trend. As the altcoin season gains momentum, these inflows could continue to grow, positioning Ethereum as a strong contender in the coming weeks.
BlackRock’s Ether ETF Inflows
BlackRock, the world’s largest asset manager, has witnessed its most substantial daily inflows into its spot Ether ETF in 94 days. On November 8, BlackRock’s iShares Ethereum Trust ETF (ETHA) received a remarkable $60.3 million, the highest since August 6. This influx coincides with Ether’s price hovering near $3,000 for the first time since August, sparking excitement that Ethereum could be on the cusp of a major rally.
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Ether’s Aim For $4,000
With the Federal Reserve lowering interest rates to 4.5%, Ethereum has become increasingly appealing to investors. The stability of Ethereum’s staking yield at 4% makes it competitive with traditional bonds. Analyzing the weekly chart, ETH has already surged by 22% this week, currently trading around $3,044. Ethereum is now targeting key resistance levels, and if it surpasses $3,500, it could rally towards $4,093 or possibly even reach a new all-time high. However, it’s important to note that a drop below $2,817 could jeopardize this optimistic outlook and lead to a retest of the $2,600 support level.
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