Since its launch in the past week, Ethereum spot ETFs have seen a staggering inflow of millions of fresh funds.
As of writing, the Ethereum Spot ETFs powered by Fidelity have seen the highest inflow of $36.2k in ETH followed by BlackRock with $101.1 million in U.S. dollars. ETHE by GrayScale saw no inflow and ETH by GrayScale saw a fresh inflow of $63.05 million.
However, the Ethereum spot ETF market failed to meet expectations, as before its approval and launch it was argued that ETH spot ETF will closely compete with Bitcoin spot ETF.
In terms of prices, ProShares Ether Strategy ETF is trading highest at $67.74, followed by VanEck Ethereum ETF trading at $49.37 and Bitwise Ethereum Strategy at $43.28.
ETHA holds the highest Ethereum followed by ETHE and ETH.
The positivity in Ether prices and its related products and byproducts seems to be fueled by the positivity in the vast market after the victory of Donald Trump in the presidential elections.
At the time of writing Ethereum was trading at $3,243 after growing 3.34 percent in the past 24 hours in the same time frame its market capitalization grew 50.21 percent reaching $68.63 billion.
In terms of market capitalization Ethereum is the second largest cryptocurrency overpowered by Bitcoin.
Is Ether Eyeing ATH in the Coming Sessions?
The press time trading prices of ETH were above 20, 50, 100, and 200 days exponential moving average. In the past 30 days, it traded highest at $3444.15, and in the 52-week frame, its highest recorded trading price is $4,092. 28.
ETH’s momentum has faced several challenges in recent months, such as high gas fees and network congestion, limiting its ability to fully benefit from broader market gains.
Ethereum’s more modest 26% gain in 2024, compared to Bitcoin’s impressive 72% year-to-date increase, has sparked questions about its attractiveness to investors.
With the RSI now in the neutral zone, traders could drive the price in either direction. There’s a strong chance that FOMO might push the price lower, especially as Bitcoin’s price is also correcting and facing resistance at the $90k level.
At the time of publishing, the cryptocurrency market capitalization stood at $3 trillion, reflecting a 5.5% increase. Intraday trading also saw remarkable growth, reaching $335.16 billion, up over 45%.
BTC was trading at $88,851, marking a 7.83% intraday surge. Its trading volume also saw significant growth, up 88% to reach $146.92 billion. Analyzing the current growth pace, it’s evident that BTC is on track to reach new highs, with its market capitalization potentially surpassing the GDP of some developing and underdeveloped countries.
