The post Ethereum ETF Inflows Hit 6-Week High as ETH Hits $2.9K, Analyst Says “ETH Still Cheap To Buy” appeared first on Coinpedia Fintech News
The cryptocurrency market has been experiencing a surge in buying activity after Donald Trump won the U.S. presidential election for the 2nd time. Meanwhile, Bitcoin, the largest cryptocurrency by market cap, surged 10%, reaching a new ATH of $76,203. Ethereum isn’t far behind, surging to $2,878, while its Spot ETF sees record-breaking inflows. Does this mean that a big rally coming for Ethereum soon?
Ethereum Still Cheap To Buy
Ethereum recently broke above the key $2,780 resistance level, marking an 8% increase in price. This is the first time Ether has crossed the $2,800 mark since August, which has caught the attention of many traders.
Notably, Dan Tapiero, founder of 10T Holdings, believes that Ethereum is still “too cheap” and expects its price to rise to over $8,000 within the next year. Despite Ethereum’s impressive 25% growth since the start of 2024, Tapiero considers it undervalued.
They argue that with Bitcoin hitting new all-time highs, Ethereum has significant potential for further growth in the coming months. This signals that Ethereum could be just beginning its bullish run.
Spot Ether ETF Hit 6-Week High
One of the major factors driving Ethereum’s rise is the increased interest in spot Ethereum exchange-traded funds (ETFs). On November 6, these nine ETFs recorded their highest inflows in six weeks, reaching $52.3 million in total.
Most of this came from the Fidelity Ethereum Fund ($26.9 million) and the Grayscale Ethereum Mini Trust ($25.4 million), signaling strong investor interest in Ethereum. Despite some funds seeing outflows, the outlook for Ethereum remains positive.
What’s Next for Ethereum?
Looking ahead, Ethereum faces resistance near the $2,850 level, with major hurdles around $2,880 and $2,950. If Ether manages to break above these levels, the price could quickly head towards the $3,000 mark, sparking a potential rally.
Analysts like Benjamin Cowen suggest that if the ETH/BTC ratio goes above the Simple Moving Average (SMA), Ethereum could see more growth. With strong buying interest, record ETF inflows, and positive forecasts, Ethereum seems ready for a potential breakout.