Bitfinex Analysts Set $3,200 as Ethereum Short-Term Target Amid Heightened Investor Appetite
The post Bitfinex Analysts Set $3,200 as Ethereum Short-Term Target Amid Heightened Investor Appetite appeared on BitcoinEthereumNews.com.
Analysts from Bitfinex are confident that a growing investor appetite in Ethereum could drive its price to $3,200 in the short-term. The analysts shared this view during a recent interview. Notably, Donald Trump’s re-election as U.S. president has boosted investors’ appetite for risk assets, including Ethereum (ETH), the second-biggest crypto by market cap. Ethereum ETF Inflows Surge After Trump’s Victory This is reflected in the increased inflow into spot-based Ethereum ETFs. According to data from Farside, the nine Ethereum ETF products saw an outflow of $63.2 million a day before the U.S. election. Expectedly, these funds recorded zero flow on election day. Following Trump’s re-election on November 6, Ethereum ETF net inflows surged to $52.3 million on that day, and $72.9 million the following day. ETH to Hit $3,200 in Short-Term Given the influx of capital into Ethereum ETFs and heightened investor appetite, Bitfinex experts project that Ethereum could hit a short-term target of $3,200. They expect this prediction to play out in the next few months. Specifically, the analysts expect Ethereum’s rally to commence as soon as Bitcoin’s market dominance surpasses 60%. For context, Bitcoin’s market dominance stood at 59.7% as of 1:32 p.m. (UTC). The figure had surged to over 60% earlier today but dropped below this level at press time. Currently, Ethereum is trading at $2,937, suggesting that it requires a slight increase of 8.95% to reach the $3,200 target. Should ETH hit the target, it would still be down 34.57% from its all-time high of $4,891, registered on November 16, 2021. Experts Remain Confident Amid Price Correction Threats While Bitfinex is optimistic about a potential rally for Ethereum, the recent spike in ETH net flows into derivative exchanges has triggered concerns about an imminent price correction. On November 5, CryptoQuant reported netflows of 82,000 ETH into…
Filed under: News - @ November 8, 2024 8:16 pm