The altcoin season is getting ready for action. Ethereum (ETH), the largest alternative crypto currency around the globe, has excited loyal holders with a spark to $2.8K last night. Clinching a brand new three-month high, Etherโs price performance has successfully retested the $2.4K support barrier for the third time in a 30-day time frame.
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Notably, the top reason for this was a very sunny & pleasant day in the traditional stock markets. According to the balance sheet by Farside Investors, Ethereumโs publicly-traded exchange-traded funds (ETFs) saw a tremendous upswing, adding $125 million to the Ethereum ETF capital in a day.
As large investors, popularly referred to as crypto whales, are rushing in along with institutions to grab a piece of this presumably still discounted Ethereum (ETH) price, one buyer stands out. The globeโs largest asset manager, BlackRock, founded in 1988 and exceeding $11.5 trillion in assets under management (AUM), acquired a mouth-dropping $80.6 million yesterday.
Is Ethereumโs Setup Primed For a $10K Rally?
The seasoned hedge fund professionals at BlackRock are likely responding to the rising demand of digital assets in traditional stock markets. Registering at least double-digit million of inflows per business day since mid May, Ethereum ETFs have the potential to kickstart an ETH rally unprecedented before, notes analyst Merlijn.
โEthereum smashed through $1.4K & $2.2K like paperโ, – alludes the crypto analyst to his 386.5K audience on X. โ10K is not a dream – itโs a setupโ, goes on Merlijn, expecting the price discovery to hit once Etherโs price breaks through the confluent resistance at $4K. Last time, the price range was claimed on December 9, 2024.
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People Also Ask:
Huge investor buzz is pouring billions into Ethereum ETFs, fueled by growing trust in ETHโs utility and DeFi dominance.
Analysts are hyped, saying strong ETF flows and network growth could rocket ETH to $10K if it smashes the $2,800 resistance.
ETFs bring in big players like BlackRock & other institutions, pumping serious cash into ETH and creating mad buy pressure.
Crypto bros on X are bullish, predicting ETH could lead the bull market and hit $10K by early 2025.
With ETF inflows soaring and DeFi heating up, ETHโs looking HODL-worthy, but always DYOR before diving in!
