Ethereum Breaks $3000: What's Next for Digital Silver?
Ethereum recently broke the $3000 price level.
More than 2.8 million addresses have purchased #ETH at the current price, which is significant.
While bitcoin [BTC] is in the spotlight thanks to record highs, #Ethereum [ETH], also known as digital silver, is also showing notable movement.
Ethereum, the second-largest cryptocurrency by market capitalization, has broken through the $3,000 mark, a resistance line that has held for months. The breakout coincided with record positive flows into the Ethereum Spot #ETF , indicating that the bullish momentum has entered a new phase.
Can Ethereum sustain this growth by moving into new territory?
Analysis of flows into the Ethereum ETF over the past week shows net inflows of $154.66 million, a record positive flow for the week.
According to SosoValue, this is the second consecutive week of net inflows into the Ethereum ETF, which is a historic milestone for the ETF.
The largest weekly net inflow into the Ethereum ETF was in the launch week, when negative inflows totaled $341.35 million. A series of inflows supported the ETH price, and now the trend is moving into decidedly positive territory.
Thanks to the inflows of institutional support, ETH broke the $3,000 barrier, which reinforced its upward momentum.
At the time of publication of this article, the price of Ethereum rose to $3027.90 after a strong bullish breakout above the 50-day and 200-day moving averages.
This movement marked a significant rally, during which ETH broke through the psychological resistance at $3,000. This is a sign of momentum, indicating investor confidence in the asset.
the 50-day and 200-day MAs are located at $2,565.64 and $2,954.58, respectively. Both levels are support levels for the current bullish movement. Trading volumes have also increased, indicating strong buying interest.
Read us at: Compass Investments
