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crypto.news 2024-12-14 14:26:01

Spot Ethereum ETFs break a key record: can ETH price hit $5k?

Spot Ethereum exchange-traded funds broke a crucial record as their inflows continued rising. Ethereum ( ETH ) ETFs have had inflows in the last 16 consecutive days, breaking a personal record. The net inflow on Friday, Dec. 14 stood at over $23.6 million, bringing the total amount since inception to over $2.26 billion. According to SoSoValue, all spot Ethereum ETFs hold over $13.7 billion in assets. The Grayscale Ethereum ETF is still the biggest with over $5.6 billion. It is followed by iShares Ethereum Trust ETF, Fidelity Ethereum Fund, Bitwise Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF. One reason for the inflows is the rising hope that the U.S. Securities and Exchange Commission will allow staking. Such a move would mean that ETF holders will benefit as the coin’s price rises and from the staking reward. Data by StakingRewards shows that the staking yield stands at 3.26%. These inflows have happened at a time when Ethereum is doing well. Its price is hovering near $4,000, and is just 25% below its all-time high of $4,870. It has jumped by 153% from its 2023 lows. On-chain metrics are also encouraging. Data by IntoTheBlock shows that the number of active ETH addresses has risen to over 122.7 million, the highest level in months. You might also like: Trump’s World Liberty Financial bags $55M in ETH holding; sparks positivity for SOL and LNEX More data shows that Ethereum whales are gaining market share. Whales holds about 43% of all Ethereum coins, higher than about 22% in November, a sign that they are optimistic about the coin. ETH whales | Source: IntoTheBlock Ethereum price analysis: can ETH hit $5,000? ETH price chart | source: crypto.news In a recent note, CryptoQuant predicted that the ETH price was on a path to $5,000, citing the demand and supply dynamics. On the weekly chart, we see that the ETH price has risen and found a strong barrier at $4,092. It has failed to cross that level two times before — in March and May. Ether has remained above the 50-week and 200-week moving averages and the 23.6% Fibonacci Retracement level. Therefore, ETH needs to break the resistance at $4,092 to invalidate the triple-bottom chart pattern. A move above that resistance will push it to the all-time high of $4,877 and the key level at $5,000. It needs to rise by just 25% to get to $5,000, which is achievable if the crypto bull run continues. Read more: Can Shiba Inu price really soar to $1 as burn rate jumps?

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