Ethereum (ETH) price surged to a monthly high of $3,450 on November 12, after experiencing a 6% increase. This rise can be attributed to record inflows into spot Ether ETFs, totaling nearly $295 million, with Fidelity leading at $115.5 million. Analysts suggest that increased interest from institutional investors is driving this momentum. Additionally, Ether's open interest in futures contracts reached an all-time high of $17.98 billion, reflecting heightened trading activity. The recent price movements show a bullish trend as ETH forms a positive market structure. However, near-term resistance is noted between $3,350 and $3,550, while support levels are identified between $3,000 and $2,750. Overall, Ether has shown strong performance, especially in light of recent market developments that favor blockchain technology and cryptocurrency adoption under pro-crypto administrations.

Source 🔗