Ethereum

Bitcoin

Following the recent price spike that brought Ethereum (ETH) close to the $4,000 mark, the second-largest cryptocurrency has experienced inflows and renewed market enthusiasm. This comes in response to the US Securities and Exchange Commission’s (SEC) approval of Ethereum ETF applications by major asset managers. 
<h2 id="best-week-for-ethereum-since-march">Best Week For Ethereum Since March&nbsp;</h2> 
According to a <a href="https://etp.coinshares.com/knowledge/market-activity/fund-flows-10-06-24" target="_blank" rel="noopener nofollow">report </a>by CoinShares, digital asset investment products have witnessed a total of $2 billion inflows, contributing to a five-week consecutive run of inflows amounting to $4.3 billion.&nbsp; 
Additionally, trading volumes in <a href="https://www.newsbtc.com/news/ethereum/ethereum-drops-below-4-hour-sma-analyzing-the-impact/" target="_blank" rel="noopener ">exchange-traded products</a> (ETPs) have risen to $12.8 billion for the week, a 55% increase from the previous week. 
Notably, inflows have been observed across various providers, indicating a turnaround in sentiment. Incumbent providers have also experienced a slowdown in outflows, reinforcing the positive market sentiment.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-612330" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_160.jpg?w=622&amp;resize=622%2C91" alt="Ethereum" width="622" height="91" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_160.jpg?w=622&amp;resize=622%2C91 622w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_160.jpg?w=460 460w" sizes="(max-width: 622px) 100vw, 622px" data-recalc-dims="1"> 
As seen in the image above, Bitcoin (BTC) continues to dominate the market, with inflows totaling $1.97 billion for the week. On the other hand, short Bitcoin products saw outflows of $5.3 million for the third consecutive week.&nbsp; 
Similarly, Ethereum has also seen a notable surge in <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-battles-3740/" target="_blank" rel="noopener ">inflows</a>, recording its best week since March with a total of $69 million, which for CoinShares is likely a reaction to the unexpected SEC decision to allow spot-based ETFs on Ethereum. 
<h2 id="differing-perspectives-on-eth-s-price">Differing Perspectives On ETH’s Price</h2> 
Despite the positive developments, Ethereum’s price has struggled to maintain bullish momentum, failing to retest its yearly high of $4,100 reached in March. On Friday, the price dropped as low as $3,577.&nbsp; 
However, Ethereum addresses holding more than 10,000 ETH have increased by 3% in the past three weeks, <a href="https://x.com/ali_charts/status/1799908829221749005" target="_blank" rel="noopener nofollow">indicating </a>a significant spike in buying pressure. 
<img loading="lazy" decoding="async" class="size-large wp-image-612329" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GPoqHPlX0AE2T_g.jpeg?w=860&amp;resize=860%2C484" alt="Ethereum " width="860" height="484" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GPoqHPlX0AE2T_g.jpeg?w=1199 1199w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPoqHPlX0AE2T_g.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPoqHPlX0AE2T_g.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPoqHPlX0AE2T_g.jpeg?w=860&amp;resize=860%2C484 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPoqHPlX0AE2T_g.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPoqHPlX0AE2T_g.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Market analysts have provided differing perspectives on Ethereum’s future price action. “Trader Tank” <a href="https://x.com/TheTradingTank/status/1800060101635801397" target="_blank" rel="noopener nofollow">predicts </a>that ETH may drop to $3,500 while acknowledging the potential for a bullish reversal upon reclaiming the $3,700 level.&nbsp; 
On the other hand, crypto analyst Lark Davis <a href="https://x.com/TheCryptoLark/status/1799530880089604308" target="_blank" rel="noopener nofollow">highlights </a>that Ethereum’s supply on exchanges is at an eight-year low, suggesting that the upcoming ETFs could cause a “massive supply shock” and potentially lead to a substantial increase in ETH’s price. 
Ultimately, as Ethereum’s price remains uncertain, market participants eagerly await the next movements in the <a href="https://www.newsbtc.com/news/litecoin/litecoin-overtakes-ethereum-in-this-metric-whats-happening/" target="_blank" rel="noopener ">cryptocurrency</a>. As investors and analysts closely monitor the market dynamics, the question of whether a breakout above $4,000 or a retest of lower support levels at $3,500 awaits an answer. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/beW08MSU/" alt="Ethereum" width="1815" height="858"> 
The second-largest cryptocurrency on the market is currently trading at $3,690, down 6.5% in the past two weeks.&nbsp; 
Featured image from DALL-E, chart from TradingView.com

Ethereum Inflows Soar: Record Week With $69M As ETFs Near Trading Launch, What’s Next?

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