Why did the price of $ETH go up today?
Ethereum soars to highs not seen since June with strong inflow of money into $ETH ETFs
MARKET NEWS
On December 4, Ethereum's native token, Ether
ETH €3,607.97
surpassed $3,800 for the first time since June. With the relative strength index currently out of the overbought region, it is possible that Ethereum will reach its upper resistance at $4,000 in the near future
Ethereum open interest hits $25 billion
Open interest (OI) on the Ether futures market hit a new all-time high of $25 billion. Over the past 24 hours, the indicator has increased by over $1.3 billion, indicating the addition of new leveraged positions in the market
Institutional interest also remained evident for the altcoin after Ethereum spot ETF flows recorded a positive net inflow of $132 million on Dec. 3. ETH inflows were led by Fidelity’s FETH instrument with $73.7 million, followed by BlackRock with $65.3 million.
Similarly, Yonsei Dent, a cryptocurrency trader, said that a long-term bull market for Ethereum is on the horizon as trading volumes for Ether ETFs increased by approximately 300% in November, more than the combined periods of Q3 and October. The trader commented,
“If institutional support for ETF inflows continues, Ethereum could surpass its previous all-time high, following a similar trajectory to Bitcoin's recent performance.”
If you liked the content, you help me a lot by leaving your like!
Follow me if you want to always be informed!
Thanks ❤️❤️❤️