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Ethereum (ETH), the flagship alternative cryptocurrency, managed to reclaim the $3,800 level earlier today, spiking to an intraday peak of $3,810 on the Bitstamp exchange.
The cryptocurrency is currently roughly 22.8% from reaching its November 2021 peak of $4,878. It has soared by 54% over the past month alone.
Ethereum ETFs are on a roll
The most recent price rally comes after Ethereum exchange-traded funds (ETFs) logged $4.1 billion worth of inflows over the past 10 days alone. On July 22, they brought in $533 million in a single day.
The outperformance of Ethereum ETFs (especially BlackRock's iShares Ethereum Trust ETF) is fueling bullish sentiment.
Over the past week, spot Bitcoin ETFs managed to attract only a fraction of the inflows recorded by their Ethereum counterparts.
Is $4,000 possible?
According to Polymarket bettors, ETH has a 33% chance of surpassing $4,000 as soon as this July.
At the same time, ETH is overwhelmingly expected to reach the above-mentioned milestone this year by 89% of users.
It is also worth noting that 54% of Polymarket bettors see ETH finally surpassing the much-coveted $5,000 level this year amid record-breaking ETF flows and growing corporate adoption.
There is also a 9% chance that ETH will be able to top $10,000 this year.
Interestingly enough, there are roughly the same odds of ETH reaching five digits and failing to reach $4,000 this year.
A massive whale purchase
According to data provided by Lookonchain, a whale linked to DeFiance Capital recently purchased a total of 30,366 ETH (roughly $114 million).
On top of that, eight fresh wallets have now accumulated a total of 583,248 ETH (roughly $2.2 billion) tokens over the past month, contributing to the ongoing rally.
Vladislav Sopov
U.Today Editorial Team