*Ethereum ETFs Hit Record-Breaking Volumes*
Since the launch of spot Ethereum ETFs in August, trading volume has fluctuated, but this past week ETH ETFs surged to $1.63 billion in trading volume, marking a 44% jump from the previous week.
In the first three weeks, daily volumes were just $566 million. But from mid-August to October, the volume dropped to around $168 million, perhaps things have picked up again, now averaging $326 million daily.
Meanwhile, this surge in activity mirrors the early days of Bitcoin ETFs, which saw a similar pattern—spikes followed by a dip, then a significant rise again, raising hopes for similar long-term growth.
Ethereum Eyes $4,000 Target
After hitting a high of $3,447, Ethereum faced selling pressure, pushing its price back to around $3,100. This drop aligns with the 38.2% Fibonacci retracement level, sparking speculation about a potential for more correction.
Some are pointing to key support levels around $2,899 and $2,770, suggesting that if Ethereum can hold steady, it could bounce back. There’s even talk of Ethereum reaching $4,000 by the end of the year.
One well-known trader, “Bloodgood,” is already planning to buy Ethereum, aiming for a target of $4,000.
