The cryptocurrency markets are gearing up for a period of increased volatility as we head into the final phase of the year. Altcoins, in particular, are showing signs of strength as they attempt to break through key resistance levels in anticipation of a potential bull run. Ethereum, often considered the backbone of many altcoins, has been leading the charge with a strong bullish momentum.
In a significant development, Ethereum ETFs have outperformed Bitcoin ETFs for the first time. The recent surge in the price of ETH has attracted the attention of investors, leading to a substantial increase in net flows into ETH ETFs. Between November 22 and 27, ETH ETFs saw a record $333 million in net flows, surpassing Bitcoin ETFs which recorded around $320 million during the same period. Notably, Blackrock alone accumulated over $250 million in ETH ETFs.
The growing confidence in Ethereum is evident as investors are increasingly turning their attention towards the cryptocurrency. The price of ETH has broken out of an inverse head-and-shoulders pattern and successfully retested the breakout, signaling a potential rally towards the $5500 mark in the short term.
Looking ahead, the long-term outlook for ETH remains positive as the price trades along an ascending support line and approaches the final resistance zone below the all-time high (ATH) between $3870 and $4016. Bulls are aiming for a breakout before reaching the apex of the ascending triangle, supported by incremental RSI and a bullish Gaussian channel. This sets the stage for ETH to surpass the resistance zone and make a push towards the ATH.
While concerns remain about the relatively low trading volumes compared to previous bull runs, the inflow of funds into ETH ETFs indicates continued bullish sentiment. Reports suggest that institutions are increasingly investing in Ethereum for its technology and potential rather than just the price of ETH itself. This growing confidence in the platform could propel ETH to new heights, potentially reaching a five-digit price level in the future.