Ethereum, the pioneer of altcoins, gained strength with spot ETH ETFs traded in the US.
The US presidential elections had a positive impact on the crypto market. Donald Trump becoming the 47th president of the United States ignited the fuse of the great bull run. While the BTC price reached $90,000, altcoins were seen approaching their previous peaks.
In these days when the bull market is intensifying, all eyes are on Ethereum’s performance. ETH has increased by 7% in the last 24 hours.
Spot ETH ETFs traded in the US recorded a net inflow of $295 million the other day. Witnessing the largest inflow since the first day of trading, ETH ETFs contributed to the potential rally gaining strength.
What are the expectations for Ethereum?
Crypto analysts predict that Ethereum (ETH) will continue its rise.
Crypto analyst Yoddha shared a chart analysis with his followers on November 8. In the analysis in question, it was stated that the ETH price would turn into a support point at $ 2,200. The analysis predicted that ETH, which has completed its correction, could rise to $ 15,000.
Saying that the BTC price will reach $100,000, Yoddha claimed that altcoins will experience a major rally in the final phase of the bull cycle.
ETH needs to increase by nearly 30% to reach its all-time high. If ETH breaks a record, the money flow could shift to layer-2 projects. Major altcoins such as Arbitrum, Aptos, and Optimism are known as Ethereum scaling (layer-2) projects.
According to data from CoinGecko, ETH recorded a trading volume of $68 million in the last 24 hours.
Tron founder Justin Sun sold 19,000 ETH despite the positive atmosphere in the markets. Sun earned $69.36 million from the transaction.
Stay tuned.