Ethereum AUM inflow surged $49 million in a week amid news regarding the first ETH spot ETF filing by global leading firm, BlackRock.
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The cryptocurrency market is largely in the hands of the bulls who intend to hold the reins for the rest of Q4 2023. Ethereum price has not been left behind, especially with last week’s breakout to $2,130. The largest smart contract token rolled down the runway after holding the threshold between $1,800 and $1,900 for some time.
Investors turned their attention to Ethereum after news broke that BlackRock had made the first step toward filing for an ETH spot exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).
Although the news directly impacted Ethereum price, other cryptos broke out too, including Bitcoin, which hit a new year-to-date high of $38,000.
Ethereum price although bullish had corrected to trade at $2,052 at the time of writing, on Monday during the US business hours. A higher support, preferably at $2,000 would go a long way to help sustain the uptrend, but for now, let’s dive into the burgeoning Ethereum assets under management (AUM).
Ethereum Records Highest Weekly AUM Inflows In Months
The previous week was extremely eventful for the crypto market, but more especially for Ethereum. In addition to the spot ETF filing, CoinShares latest report indicated that Ethereum AUM inflows rose to $49 million—the highest since August.
Inflows generally increased across the board totaling $293 million, cumulatively “bringing this 7-week run of inflows past the $1 billion mark, leaving year-to-date inflows at $1.14,” the CoinShares report said.
Digital asset investment products saw inflows totalling US$293m last week, bringing this 7-week run of inflows past the US$1bn mark. Ethereum, saw its largest inflows since August 2022 of US$49m. Solana also saw further inflows totalling US$12m. https://t.co/peTZ1nIE2q
— Wu Blockchain (@WuBlockchain) November 13, 2023
The spike in ETH AUM inflows reinforces the bullish sentiment “likely related to the recent spot-based ETF listing request in the US.”
Ethereum Price Upholds Bullish Outlook
Ethereum price started the new week in the green, up 8% in the last seven days and 32% in the last month. The resistance at $2,130 was expected, considering it rejected the bulls in April this year.
A minor deep would confirm the strength from support at $2,000 and pave the way for a short consolidation period before Ethereum price triggers another breakout; this time aiming for highs above $3,000.
The path with the least resistance is to the upside based on the bullish thesis flaunted by the Moving Average Convergence Divergence (MACD) indicator. As long as the momentum indicator moves higher above the neutral zone and the blue MACD line’s position above the red signal line, traders and investors are likely to continue betting on more gains over the next few weeks.
A couple of bullish crosses further cement the bullish narrative. A golden cross occurs in support of an ongoing uptrend and manifests with a short-term MA crossing above a long-term MA.
In Ethereum’s case, the 50-day Exponential Moving Average (EMA) started by crossing above the 100-day EMA ahead of the second one with the 50-EMA flipping above the 200-day EMA.
The last time Ethereum price formed these bullish crosses, it went ahead and surged to $2,130 from the January 2023 low of $1,190. Therefore, the formation of these two patterns is a significant bullish signal.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
