Can Ethereum Break Its Record After 30% Rise

• Ethereum price is soaring at a very rapid pace but with key resistance likely to stunt the growth.
• The Ethereum ecosystem is active with new proposals being rolled out regularly.

On Monday, the price of Ethereum (ETH) climbed to over $3,300, the highest recorded value since July. The price soared nearly 30% in the past week, while inflows into spot Ethereum Exchange-Traded Fund (ETF) reached a record high.

Ethereum Records Highest Weekly ETF Inflows

According to CoinGlass data, Ethereum ETFs saw inflows of $154.7 million last week, the highest weekly figure recorded. The inflows come as institutional investors upped their interest in the leading altcoin, after the 30% weekly rally. A similar trend in the ETH ETFs this week might propel the altcoin to reach a new All-Time High (ATH).

Additionally, Ethereum’s futures Open Interest (OI) surged to an ATH of $17.93 billion on Monday. This has raised optimism among ETH derivatives investors about a continuation of the ongoing bullish momentum. Open Interest refers to the total number of outstanding contracts in a derivatives market. An increasing OI alongside price spikes signals increased bullish momentum.

Notably, Ethereum saw over $102.89 million in futures liquidations in the last 24 hours. Per the details, long and short liquidated positions accounted for $58.18 million and $44.71 million, respectively.

According to technical analysis, ETH surged above the 100-day Simple Moving Average (SMA) and the $3,000 psychological level. ETH is now facing a key resistance level at $3,300. A sustained move above this point may see ETH rally to $3,732. If the buying momentum continues, ETH could challenge its yearly high resistance of $4,093 and strive for a new ATH.

On the contrary, the 100-day SMA could serve as a support. If it fails, ETH might bounce off the $2,817 key level, a key support held for nearly four months (April to July 2024). Moreover, the Relative Strength Index (RSI) is in the oversold region, signaling a potential correction ahead. However, a daily candlestick close below $2,817 will invalidate the thesis.

Ethereum’s Price and Ecosystem Updates

At press time, ETH price was trading at $3,405, demonstrating a 7.6% increase in the last 24 hours. The daily trading volume increased by 41.8% to $63.8 billion, indicating investors’ soaring interest in ETH. As mentioned in a CNF post, crypto analyst Ryandcrypto forecasted a $5,000 price for ETH.

In a recent X post, Ethereum Researcher Justin Drake disclosed plans to unveil a new “from-scratch” redesigned framework for the Ethereum consensus layer. Drake said the unveiling will take place at the Ethereum Devcon conference on November 12.

“The goal is to suggest a credible strategy to ship what is an extremely ambitious and exciting beacon chain roadmap, all on a reasonable timeframe,” Drake stated.

Drake’s announcement comes shortly after the Ethereum Foundation unveiled the Mekong testnet. According to a CNF report, this testnet is an important tool to prepare developers and stakers for the upcoming Pectra fork. These developments reinforce Ethereum’s position as a leading market player, which could help boost investor sentiments.

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