- Ethereum broke the $3,000 price level recently.
- Over 2.8 million addresses bought ETH at the current price level, making it a key level.
While Bitcoin[BTC] captured headlines with its all-time highs, Ethereum[ETH], often called the ‘digital silver’ also made a notable move.
The second-largest cryptocurrency by market capitalization broke above the $3,000 mark, a resistance level that had held strong for months.
This breakthrough coincided with record-breaking positive flows in Ethereum’s spot ETF, marking a new phase of bullish momentum.
Can Ethereum sustain this rally as it navigates a new territory?
Record spot ETF inflow fuels Ethereum’s breakout
Ethereum’s ETF flow analysis for the past week revealed a net inflow of $154.66 million. This set a new high for weekly positive flows.
Data from SosoValue showed that this is Ethereum’s second consecutive week of net inflows—a historic milestone for the ETF.
Source: SosoValue
The largest weekly net flow for Ethereum’s ETF occurred during its launch week, with a negative flow of $341.35 million. Now, the trend has shifted decisively into positive territory, with consecutive inflows supporting ETH’s price rally.
This surge in institutional support has helped ETH break past the $3,000 barrier, bolstering its upward momentum.
Ethereum moves to secure its position above $3k
At press time,
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Author: Adewale Olarinde
