Ethereum

Rally

Momentum

Divergence

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53.png" class="attachment-full size-full wp-post-image" alt="Ethereum price prediction chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53.png 2710w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
The cryptocurrency market is largely in the hands of the bulls who intend to hold the reins for the rest of Q4 2023.&nbsp;<a href="https://coingape.com/price/ethereum/">Ethereum price</a>&nbsp;has not been left behind, especially with last week’s breakout to $2,130. The largest smart contract token rolled down the runway after holding the threshold between $1,800 and $1,900 for some time. 
Investors turned their attention to Ethereum after news broke that BlackRock had made the first step toward filing for an&nbsp;<a href="https://coingape.com/eth-price-shoots-10-amid-massive-surge-in-ethereum-addresses-next-2500/">ETH spot exchange-traded fund (ETF)</a>&nbsp;with the Securities and Exchange Commission (SEC). 
Although the news directly impacted Ethereum price, other cryptos broke out too, including&nbsp;<a href="https://coingape.com/btc-price-surges-to-36500-as-bitcoin-etf-approval-window-opens/?utm_source=24hrsupdatebitcoin">Bitcoin</a>, which hit a new year-to-date high of $38,000. 
Ethereum price although bullish had corrected to trade at $2,052 at the time of writing, on Monday during the US business hours. A higher support, preferably at $2,000 would go a long way to help sustain the uptrend, but for now, let’s dive into the burgeoning Ethereum assets under management (AUM). 
<h2 class="p2" id="ethereum-records-highest-weekly-aum-inflows-in-months">Ethereum Records Highest Weekly AUM Inflows In Months</h2> 
The previous week was extremely eventful for the crypto market, but more especially for Ethereum. In addition to the spot ETF filing,&nbsp;<a rel="nofollow" href="https://blog.coinshares.com/volume-157-digital-asset-fund-flows-weekly-report-a8be1d5b3f85">CoinShares latest report</a>&nbsp;indicated that Ethereum AUM inflows rose to $49 million—the highest since August. 
Inflows generally increased across the board totaling $293 million, cumulatively “bringing this 7-week run of inflows past the $1 billion mark, leaving year-to-date inflows at $1.14,” the CoinShares report said. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Digital asset investment products saw inflows totalling US$293m last week, bringing this 7-week run of inflows past the US$1bn mark. Ethereum, saw its largest inflows since August 2022 of US$49m. Solana also saw further inflows totalling US$12m. <a href="https://t.co/peTZ1nIE2q">https://t.co/peTZ1nIE2q</a> 
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1724030021118152748?ref_src=twsrc%5Etfw">November 13, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The spike in ETH AUM inflows reinforces the bullish sentiment “likely related to the recent spot-based ETF listing request in the US.” 
<h2 class="p2" id="ethereum-price-upholds-bullish-outlook">Ethereum Price Upholds Bullish Outlook</h2> 
Ethereum price started the new week in the green, up 8% in the last seven days and 32% in the last month. The resistance at $2,130 was expected, considering it rejected the bulls in April this year. 
A minor deep would confirm the strength from support at $2,000 and pave the way for a short consolidation period before Ethereum price triggers another breakout; this time aiming for highs above $3,000. 
<figure id="attachment_164279" aria-describedby="caption-attachment-164279" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53.png"><img decoding="async" class="size-full wp-image-164279" src="https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53.png" alt="Ethereum price prediction chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53.png 2710w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-13_16-58-53-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-164279" class="wp-caption-text">
 Ethereum price prediction chart | Tradingview
 </figcaption>
</figure> 
The path with the least resistance is to the upside based on the bullish thesis flaunted by the Moving Average Convergence Divergence (MACD) indicator. As long as the momentum indicator moves higher above the neutral zone and the blue MACD line’s position above the red signal line, traders and investors are likely to continue betting on more gains over the next few weeks. 
A couple of bullish crosses further cement the bullish narrative. A golden cross occurs in support of an ongoing uptrend and manifests with a short-term MA crossing above a long-term MA. 
In Ethereum’s case, the 50-day Exponential Moving Average (EMA) started by crossing above the 100-day EMA ahead of the second one with the 50-EMA flipping above the 200-day EMA. 
The last time Ethereum price formed these bullish crosses, it went ahead and surged to $2,130 from the January 2023 low of $1,190. Therefore, the formation of these two patterns is a significant bullish signal. 
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The post <a rel="nofollow" href="https://coingape.com/markets/ethereum-price-rally-gaining-momentum-as-institutional-investors-flock-to-eth-increasing-aum/">Ethereum Price Rally Gaining Momentum As Institutional Investors Flock To ETH Increasing AUM</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Ethereum Price Rally Gaining Momentum As Institutional Investors Flock To ETH Increasing AUM

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