Ethereum reached its highest price since 7 January after six straight days of increases. The price of Ethereum has increased by more than 158% since its low point in May.
EthereumETHThis week, the value of ) has risen to $3,580. It is one of best performing coins.
SoSoValue data This shows the spike coincided during the week with strong spot Ethereum ETFs. They added assets worth $2.1billion, an all-time high.
It was a much larger inflow than the $907,000,000 of the prior week. The tenth straight week saw positive Ethereum ETF flows, the longest stretch since ETFs’ approval in September of last year. Their cumulative inflows have jumped from over $750 million to $7.49 Billion.
BlackRock ETHA ETF has surpassed its competitors, increasing its assets to $9.17billion. This ETF accounts for nearly half the Ethereum ETFs’ assets.
The GENIUS Act was one of many factors that boosted the price. Also, it benefited from ongoing accumulation by SharpLinkStrategy is now one of the biggest corporate investors, and has emulated its success.
Ethereum surge coincided with multiple other positive numbers. The futures’ open interest, for example, soared on Saturday to $51 billion, a new record. This is higher than the low point of last month of $28. Open interest on the rise is an indication that demand will continue to increase.
You can also find out more about us at: metrics The stablecoins supply reached a new record of $130 billion while the decentralized financial assets soared to $178 billion.
Ethereum technical analysis
Daily chart showing ETH’s price in a bull market in recent weeks. It has moved from a $1,382 low in April, to more than $3,500.
ETH has created a golden cross after the 200-day-moving average and 50-day-moving average crossed. Relative Strength Index continued to climb, while Average Directional Index reached 38, its highest since May 17.
ADX rising is a good sign of ETH rally gaining momentum. As a result, it is expected that the token’s price will continue to rise. The next important point for the token to reach would be the psychological $4000 mark. Due to the overbought condition of the coin, it is possible that the token will pull back briefly before continuing its uptrend.
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Source: crypto.news
