Ether set for $3.2K breakout as ETH ETF inflows turn positive
Analysts predict a potential rally for Ether above $3,200, spurred by increased investor risk appetite following Donald Trump's US presidential election victory. After the election, inflows into spot Ether exchange-traded funds (ETFs) turned positive, amounting to $52.3 million on November 6 and $79.7 million on November 7, according to Farside Investors. This momentum, combined with Bitcoin's market dominance at 60.4%, indicates that Ether could be nearing a breakout. Analysts from Bitfinex suggest that the heightened open interest, now at $1.3 million, may signal strong upside for Ether in the coming month. Additionally, with a pro-crypto stance anticipated from the Trump administration, a staked ETH ETF could soon be approved, further enhancing Ether's position in the market. If additional Ether-based ETFs emerge, they could help drive its value above the previous all-time high of $4,800 from November 2021.
Source 🔗