Ethereum Eyes $3K as Trump-Led Rally Boosts ETFs

The second-largest crypto asset is attempting to regain a key price point after months of struggle.

Ethereum logo burning in an alien landscape.
Created by Gabor Kovacs from DailyCoin
  • Ethereum is experiencing a price boost.
  • Ether ETFs recently reversed a weeks-long sluggish course.
  • The broader crypto market is thriving following Donald Trumpโ€™s election victory.

Trump’s election win has sparked a crypto market rally, breathing new life into several assets and driving fresh gains for even those with a slump. From Bitcoin (BTC) to memecoins, all-time highs, and significant upticks have been recorded across the board, fueling overall increased market activity.

Not to be left behind, Ethereum (ETH), the second largest crypto asset, has joined the rally.

Ethereum Rallies with Fresh Gains

Following weeks of hovering below $2,500, Ethereum has seen a surge in price. The token is trading around $2,950 at press time, marking a 6% increase in the last 24 hours.

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Although modest, the gains build on a days-long positive run, bringing the tokenโ€™s gains in the past week to 14%. This marks Ethereumโ€™s highest value in over 30 days, signaling improved performance following its struggle to uphold positive momentum.

However, the tokenโ€™s upward dance is not all isolated. It coincides with a surge in inflows into exchange-traded funds tied to the asset. Recently, ETH ETFs recorded almost $80 million in inflows, marking their third-highest single-day inflow since launch.

The increase in inflows also marks the reversal of weeks of fund underperformance, suggesting a parallel uptick in the ETF market and Ethereumโ€™s price performance. 

Meanwhile, Ether ETFs are not the only ones performing impressively in the exchange-traded funds world.

Bitcoin ETFs Spike Post Trump-Win 

The present boost in investor confidence and overall positive market sentiment triggered an all-time high record in the Bitcoin ETF sector on November 7, when BlackRockโ€™s Bitcoin ETF IBIT saw inflows reaching $1.12 billion.

IBITโ€™s record inflows dominated the total $1.38 billion recorded across all issuers, evidencing increased market interest, particularly as Bitcoin surges to a new $75,000 all-time high.

Other issuers also recorded impressive inflows. These include Fidelityโ€™s FBTC, Grayscaleโ€™s Mini Bitcoin Trust (BTC), and Ark Investโ€™s ARKB, which drew $190.92 million, $20.38 million, and $17.61 million, respectively.

On the Flipside

  • Despite the uptick, Ethereum remains approximately 40% at its all-time high. 
  • While the market is currently bullish, volatility remains a concern.
  • At press time, Bitcoin is trading at $76,252.

Why This Matters

Reclaiming the $3,000 level would mark a turning point for Ethereum, signaling a potential reversal in its trajectory and putting the token back on track toward recovering its previous price highs.

Find out more about Bitcoinโ€™s uptick and the broader market boom here:
Bitcoinโ€™s Surge to $73K Sparks ETF Investor FOMO

The U.S. city of Detroit is opening up to crypto; hereโ€™s how:
Hereโ€™s How Detroit Is Betting Big on Crypto

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace is a crypto reporter for DailyCoin, covering a diverse range of market updates. Grace has minor holdings in Bitcoin & Solana, and moderate holdings in Rune & XRP.

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