Ethereum’s native cryptocurrency, ETH, has not yet gained the same momentum as other altcoins like XRP, Cardano 
$1 (ADA), and BNB, which have seen significant gains. Investors are optimistic that the price of ETH will rise to $4,000 with renewed flows toward Ethereum 
$3,794 ETFs. Currently, ETH remains stable at approximately $3,700.
ETH Price Performance
Ethereum is currently in a phase where it has not experienced a notable rally compared to competitors like XRP, ADA, and BNB. However, bulls are maintaining strong support levels for ETH, which increases investor confidence in the asset.
A crypto analyst from IncomeSharks stated, “The daily support level for ETH is being maintained, but I recommend not chasing it at this level.” The analyst emphasized the importance of focusing on on-chain activities, noting that a drop below $3,200 could trigger selling pressure, while a short-term target for ETH could be $4,000 or higher.
Increase in Ethereum ETF Flows
Flows into spot Ethereum ETFs increased on Tuesday, December 3. Net inflows rose from $24 million on Monday to $132 million on Tuesday, led by Fidelity’s FETH and BlackRock’s ETHA. Since inception, BlackRock’s Ethereum ETF has surpassed $2.2 billion, while Fidelity’s FETH is nearing a $1 billion target.
This increase is supported by a significant drop in outflows from Grayscale’s ETHE. Outflows from ETHE decreased from over $44.3 million the previous day to $6.4 million on Tuesday.
A revival in Ethereum-based NFT trading volume has also emerged as a significant factor in this growth. Ethereum-based NFT marketplaces have recorded their highest volumes since June.
Ethereum’s on-chain volume reached $183.7 billion in November, marking the highest monthly figure since early 2021. Since November 2021, a substantial cup and handle formation has developed in Ethereum’s annual chart. However, Ethereum needs to confirm a breakout above $3,800 to validate this formation, setting the stage for explosive growth. Analysts are targeting $7,346 for ETH based on the historical reliability of this pattern.
The ongoing interest in Ethereum ETFs acts as a positive catalyst for ETH prices. Continued inflows could lead to further increases in Ethereum’s value in the future.
- Ethereum price hovers close to the $4,000 target.
- Interest and inflows into ETFs are on the rise.
- Analysts note that ETH is maintaining strong support levels.
