ETH Breaks Above $3,700 Following Substantial spot ETF Inflows

Ethereum (ETH) price has surged past the $3,700 mark, marking a significant milestone in its price recovery and market momentum. The rally follows a noticeable uptick in spot ETH ETF inflows, signaling growing interest and confidence among retail and institutional investors.

According to data from Sosovalue, the spot ETH ETF witnessed a substantial increase in net inflows with the amount reaching $332.92 million, highest since the ETF launch. This surge coincides with heightened trading activity and potential accumulation by investors betting on Ethereum’s bullish trajectory.

Additionally, this amount has also surpassed daily net inflows in spot BTC ETFs which sits at $320 million on the same day.

Technical Breakout Signals Further Gains

From a technical analysis perspective, ETH’s breach of $3,700 represents overcoming a critical resistance level. If the price consolidates above this level, experts predict a potential rally toward $4,000 and beyond in the short term.

ETHUSD – TradingView

Almost all indicators now suggest that a potential breakout above $4,000 is imminent as ETH continues with its bullish recovery phase. 

The broader crypto market sentiment has also played an important role in Ethereum’s recent price rally. Bitcoin’s steady performance and increasing adoption of Ethereum-based applications have positively influenced investor sentiment. 

While the bullish trend is encouraging, market observers caution against potential volatility. Macro-economic factors, including regulatory developments and global economic trends could significantly impact Ethereum’s price trajectory.