Ethereum ($ETH) Blasts Past $3K on 19% Weekly Surge – Will ETFs Fuel the Next Leg?
Main Idea
Ethereum ($ETH) has surged past $3,000 with a 19% weekly increase, driven by institutional demand, record network growth, and bullish market sentiment.
Key Points
1. Ethereum's price broke through $3,000, marking a 19% weekly increase, with trading volume exceeding $30 billion.
2. Total value locked (TVL) on Ethereum reached $74.4 billion, and daily active ERC-20 addresses hit 414,706, indicating strong user engagement.
3. U.S. spot Ethereum ETFs saw significant inflows, with net inflows topping 61,000 $ETH over eight consecutive weeks.
4. Nasdaq-listed SharpLink Gaming acquired 270,000 $ETH, becoming the largest publicly-traded ETH holder with $81.8 million in unrealized gains.
5. Market indicators suggest a bullish trend, with RSI at 54 and a potential target of $3,250 if $ETH breaks above $3,100.
Description
Ethereum ($ETH) rebounded, breaking through the $3,000 psychological level as it climbed about 2.13% in the past 24 hours to currently trade at $3,028 . This marks a 19% increase over the past week, as the trading volume of $ETH remains well above $30 billion, reflecting a wave of optimism across the crypto market. Market sentiment is firmly in greed territory, reflecting bullish investor psychology. Source: CoinGecko Soaring Institutional Demand and Record Network Growth on the Ethereum Network...
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