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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, continues its movement toward $4,000 amid broader market volatility. Bitcoin (BTC), the leading digital asset, declined to a low of $93,720 the day before, climbing to its current price of $96,350.
Optimism on Ethereum market
Meanwhile, Ethereum consistently moved in an uptrend during the day. At press time, ETH's price traded at $3,743, up 5.74% in the last 24 hours and 6.73% in the past week.
The daily trading volume further reinforces the bullish momentum, increasing by 4% to over $42 billion. The surge shows increased investor activity on the Ethereum market.
Gamza KhanzadaevEthereum's latest performance shows the altcoin is likely preparing for a surge toward the crucial $4,000 mark. U.Today reported that Ethereum has recovered above the critical resistance level of $3,500, where it mounts one of its strongest sell walls.
Additionally, ETH shows a bullish pattern, as indicated by the 50-day EMA crossing above the 200-day EMA.
Moreover, the strong buying interest and a clear break above $3,700 pave the way for a higher move toward $4,000. However, any indications of waning momentum in volume might cause a halt or even a turnaround.
Ethereum ETFs make comeback
The Ethereum price's surge comes amid positive Ethereum Exchange-Traded Funds (ETFs) sentiment.
According to data provided by Farside, Ethereum ETFs showed $132.6 million in net inflows on Dec. 3. This marks the third consecutive day that Ethereum ETFs have seen inflows, suggesting renewed institutional investor interest in the coin.
Alex DovbnyaPer the Farside data, BlackRock’s ETHA came first, with inflows of $65.3 million. Fidelity’s FETH followed behind with $73.7 inflows.
Unfortunately, Grayscale’s ETHE saw outflows reaching $6.4 million, while the remaining funds registered net-zero inflows. Still, investors are watching to see the impact of the recent inflows on Ethereum's price.
Tomiwabold Olajide
Alex Dovbnya
Dan Burgin
Vladislav Sopov