The post Can Ethereum Break Its Record After 30% Rise appeared on BitcoinEthereumNews.com.

Ethereum price is soaring at a very rapid pace but with key resistance likely to stunt the growth. The Ethereum ecosystem is active with new proposals being rolled out regularly. On Monday, the price of Ethereum (ETH) climbed to over $3,300, the highest recorded value since July. The price soared nearly 30% in the past week, while inflows into spot Ethereum Exchange-Traded Fund (ETF) reached a record high. Ethereum Records Highest Weekly ETF Inflows According to CoinGlass data, Ethereum ETFs saw inflows of $154.7 million last week, the highest weekly figure recorded. The inflows come as institutional investors upped their interest in the leading altcoin, after the 30% weekly rally. A similar trend in the ETH ETFs this week might propel the altcoin to reach a new All-Time High (ATH). Additionally, Ethereum’s futures Open Interest (OI) surged to an ATH of $17.93 billion on Monday. This has raised optimism among ETH derivatives investors about a continuation of the ongoing bullish momentum. Open Interest refers to the total number of outstanding contracts in a derivatives market. An increasing OI alongside price spikes signals increased bullish momentum. Notably, Ethereum saw over $102.89 million in futures liquidations in the last 24 hours. Per the details, long and short liquidated positions accounted for $58.18 million and $44.71 million, respectively. According to technical analysis, ETH surged above the 100-day Simple Moving Average (SMA) and the $3,000 psychological level. ETH is now facing a key resistance level at $3,300. A sustained move above this point may see ETH rally to $3,732. If the buying momentum continues, ETH could challenge its yearly high resistance of $4,093 and strive for a new ATH. On the contrary, the 100-day SMA could serve as a support. If it fails, ETH might bounce off the $2,817 key level, a key support…

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Filed under: News - @ November 13, 2024 1:25 am