Key Insights
- Ethereum price jumped more than 2% and held above the $3,000 level.
- The US Ethereum ETF inflow has outpaced Bitcoin ETF inflow, boosting market confidence.
- Analyst predicts a potential ETH price surge to $3,600.
Ethereum price added more than 2% today, soaring past the brief $3,000 mark amid soaring corporate bets.
In addition, the US Spot Ethereum ETF has also regained momentum, which might have also contributed to the recent gains in ETH price.
On the other hand, the sentiment was further buoyed by the positive sentiment hovering in the broader financial markets.
For context, BTC price has soared past the $90,000 mark recently, amid soaring odds of a Fed rate cut in December.
Meanwhile, the corporate bet is evident by the continuing bet of BitMine (BMNR), which suggests the firm’s confidence in the asset.
Amid this, a top expert has highlighted key levels for Ethereum price that traders should watch.
In addition, he has highlighted a key level, breaking which could “flip the bearish trend,” the expert said. So, here we explore the recent developments in the Ethereum market and see what may lie ahead for the asset.
Ethereum Price Soars Amid Corporate Bets & Fed Rate Cut Bets
ETH price today surged more than 2% and exchanged hands at $3,063, witnessing a slight retreat from its daily high of $3,069.
Over the past 24 hours, the crypto has touched a low of $2,987, and its trading volume fell 16%.
It’s worth noting that the crypto has recorded a weekly surge of over 11%, but lost 23% over the last 30 days.
Notably, the surge could be attributed to the broader crypto market recovery and Bitcoin price rally to over $90,000.
In addition, the stock market also rallied with soaring odds of a potential Fed rate cut in December. The crypto stocks also recorded a strong rally, with the Ethereum Treasury BitMine (BMNR) stock rising nearly 9% to $34.41.
Meanwhile, BitMine has continued its aggressive bets on ETH price, which might have also helped gains in it.
According to Lookonchain data, BitMine has accumulated 14,618 Ethereum in its latest purchase today, valued at around $44.3 million.
What’s Next for ETH Price As Ethereum ETF Inflow Boosts Sentiment?
Amid the positive sentiment hovering in the market, analyst Lennaert Snyder said that $3,040 is a key level to watch for Ethereum price.
If ETH price slips below $3,000, it could witness another pullback, which in turn could trigger another selling pressure in the market.
On the other hand, if the crypto can break through the $3,230 level, it could “flip the bearish trend,” the expert said.
Echoing a similar sentiment, expert That Martini Guy said that if the crypto can maintain the support at $3,040, the next target lies at $3,631.
Meanwhile, the bullish projections are further backed by the ongoing inflow into the US Spot Ethereum ETF.
According to Farside Investors’ data, the US Spot Ether ETF has recorded an inflow of $60.8 million on November 26, marking its four-day inflow streak.
On the other hand, the US Spot Bitcoin ETF’s inflow on November 26 was only $21.1 million, with the investment instrument seeing an inflow streak for only two days.
Having said that, it seems that the institutions are also confident in the future potential of Ethereum price.