Ethereum – All the reasons why ETH’s price might enjoy a bullish December
The post Ethereum – All the reasons why ETH’s price might enjoy a bullish December appeared on BitcoinEthereumNews.com.
Ethereum ETFs just recorded their highest single-day inflows, surpassing Bitcoin ETFs ETH might be on the verge of a major rally after hikes in Exchange Reserves and Open Interest Bitcoin and Ethereum ETF approvals earlier this year were no doubt essential milestones for institutional liquidity. While Bitcoin has maintained dominance in terms of inflows, Ethereum ETF daily inflows just pulled off a lead for the first time in history. According to the latest ETF data, Ethereum ETF inflows peaked at $332.9 million on Friday. Meanwhile, Bitcoin had $320 million worth of ETF inflows during the same trading session. This is a noteworthy outcome because it was the first time that Ethereum ETFs outperformed Bitcoin ETFs in terms of inflows. In fact, Friday also recorded the highest single day inflows. Friday recorded not only the highest inflows reported in November, but also across its entire history since Ethereum ETFs first started trading. Is Ethereum on the verge of a major breakout? Is the fact that Ethereum ETFs’ daily inflows outperformed Bitcoin ETF inflows a sign that ETH is heading for a major rally? Well, Bitcoin dominance has been declining, which may explain why Ethereum has been receiving more investor attention. However, that’s not all. ETH gained a lot of bullish momentum during the week, confirming a breakout from its long-term wedge pattern. The same breakout also highlighted a long-term bull flag for the cryptocurrency. These factors, combined, suggested that ETH could be on the verge of a bullish December. Source: TradingView At the time of writing, the altcoin was valued at $3,694. Sustained demand after a breakout from the descending resistance line could be a sign of rising bullish optimism. Additionally, there seemed to be multiple other signs that aligned with the aforementioned findings. For example, ETH’s Open Interest peaked at…
Filed under: News - @ November 30, 2024 10:07 pm