Ethereum ETF mania: ETH targets $4,000—will key record break?

Ethereum’s price jumped for six consecutive days, reaching its highest point since January 7. It has jumped by over 158% from its lowest point in May this year.

Ethereum (ETH) jumped to around $3,580, making it one of the best-performing coins this week.

SoSoValue data shows that the surge coincided with the robust spot Ethereum ETF inflows during the week. These funds added a record $2.1 billion in assets, the biggest weekly gains on record.

The inflow was much higher than the previous week’s $907 million. It was also the tenth consecutive week of positive Ethereum ETF inflows, marking the longest streak since the ETFs were approved in September last year. Most notably, their cumulative inflows jumped to over $7.49 billion.

BlackRock’s ETHA ETF is beating its rivals, with its assets jumping to $9.17 billion. It accounts for almost half of the assets in Ethereum ETFs.

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Ethereum price surged as the crypto industry faced numerous tailwinds, including the signing of the GENIUS Act. It also benefited from the ongoing accumulation by SharpLink, which has become one of the largest corporate holders, emulating Strategy’s success.

Ethereum price surge also coincided with other strong numbers. For example, the futures open interest soared to a record high of $51 billion on Saturday, higher than last month’s low of $28 billion. Surging open interest is a sign that demand continues to rise.

Additional metrics also rose, with the stablecoin supply reaching a record high of $130 billion, while decentralized finance assets surged to over $178 billion.

Ethereum price technical analysis

ETH price chart | Source: crypto.news

The daily chart shows that the ETH price has been in a strong bull run in the past few weeks, moving from a low of $1,382 in April to over $3,500.

ETH has formed a golden cross as the 200-day and 50-day moving averages crossed each other. The Relative Strength Index has continued rising, while the Average Directional Index soared to 38, the highest point since May 17 this year.

The soaring ADX indicator is a sign that ETH rally is gaining momentum. Therefore, the token will likely continue rising, with the next point to watch being at the psychological point at $4,000. However, with the coin being highly overbought, there is a risk that it will have a brief pullback and then resume the uptrend.

Read more: Ethereum Classic jumps 20% as volume explodes on bullish sentiment

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