Ethereum ETFs have been making waves in the market recently, with a significant increase in netflows and holdings. Nine Ethereum ETFs have shown a strong interest in ETH, adding a total of 362,474 ETH worth over $1.42 billion in the past month. This marked a substantial 4,363% increase compared to the previous month, indicating a growing confidence in the asset.
The netflows for ETH ETFs have also been on the rise, reaching a record high of $428.5 million on the 5th of December. Grayscale ETF leads the market share with 47%, followed by Grayscale Mini and BlackRock with 13% and 12% respectively. Grayscale’s holdings stand at $5.8 billion, while BlackRock holds $2.9 billion in ETH.
Despite the positive sentiment surrounding Ethereum ETFs, ETH has been struggling to break past the $4k resistance level. The cryptocurrency is currently trading at $3,912.25, with a 1.3% price increase in the past 24 hours. However, data suggests that ETH may be undervalued, with metrics like the NVT ratio showing a sharp decline and the RSI indicating rising buying pressure.
The Ethereum Rainbow Chart suggests that ETH is in the “HOLD” zone, indicating a potential upward movement in the near future. If ETH can gather strong buying pressure and break past the $4k resistance, it could potentially flip this level into a new support. The Chaikin Money Flow also supports this upward trend, further fueling optimism for ETH’s price movement in the coming days.
Overall, while Ethereum ETFs continue to show strong performance, ETH’s struggle to break key resistance levels remains a point of concern. However, with increasing buying pressure and positive indicators, there is hope for ETH to overcome these challenges and make a significant price surge in the near future. The COVID-19 pandemic has brought about significant changes to the way we live our lives, with many people now working and studying from home. This shift towards remote work and online learning has highlighted the importance of having a reliable and efficient internet connection.
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