The cryptocurrency market is about to enter the final phase of the year and volatility is expected to surge significantly. Therefore, most cryptocurrencies, especially altcoins, are trying to break through their key resistance levels, which may further help them to create new highs in the upcoming bull run. Moreover, with Ethereum, known as the foundation of other altcoins, launching a strong bullish attack, the possibility of an altcoin season has also emerged.
Ethereum ETF surpasses BTC ETF for the first time. The recent rise in ETH prices seems to have caught the attention of investors, which is reflected in the spot ETH ETF trading volume. Between November 22 and 27, the net flow of ETFs increased significantly to US$333 million, exceeding BTC's US$320 million. Of this, BlackRock alone accumulated more than US$250 million.
As ETH continues to outperform, investor sentiment is clearly changing, which could further lead to significant changes in its value. After breaking out of the inverted head and shoulders pattern and successfully retesting it, ETH price is ready to surge as the trend continues. This suggests that the medium-term target for the ETH price rally is above $5,500.
After a successful breakout in the short term, ETH price is favorable for the bulls in the long term. The price is trading along the ascending support line and is about to test the final resistance zone between $3,870 and $4,016 below the ATH. As the RSI is trending incrementally and the Gaussian Channel has turned bullish, the bulls are attempting to break out before reaching the apex of the ascending triangle. Therefore, ETH price is believed to break out of the resistance zone and move into the final resistance at the ATH.
Meanwhile, trading volumes raise some concerns, with volumes still well below bull market territory. However, these volumes appear to be flowing into ETFs, keeping bullish hopes alive. According to some reports, these institutions are investing more in the technology than the price of ETH. Therefore, this shows growing confidence in the platform, which could keep trending high and reach 5-digit levels.