Ethereum prices have jumped for six consecutive days, reaching its highest point since January 7th. It jumped over 158% from the lowest point this May.
Ethereum (ETH) jumped to around $3,580, making it one of the best performing coins this week.
Sosovalue data shows that the surge coincided with a robust Ethereum ETF influx in the week. These funds added a record $2.1 billion in assets.
The inflow was much higher than the previous week’s $907 million. It was also the 10th consecutive week of positive Ethereum ETF influx, marking its longest winning streak since the ETF was approved last September. Most notably, their cumulative inflows jumped over $7.49 billion.
BlackRock’s Etha ETF has beaten its rivals, with its assets rising to $9.17 billion. It accounts for almost half of the Ethereum ETF’s assets.
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Ethereum prices skyrocketed as the crypto industry faced many tailwinds, including signing genius acts. We also benefited from the continued accumulation from Sharplink. Sharplink has become one of the largest corporate holders and emulates the success of its strategy.
The surge in Ethereum prices also coincided with other strong numbers. Open interest on futures, for example, surged to a record high of $51 billion on Saturday. That’s higher than last month’s low of $28 billion. A surge in open interest is a sign of growing demand.
Additional metrics also rose, with Stablecoin Supply reaching a record high of $130 billion, while decentralized financial assets surged beyond $178 billion.
Ethereum price technology analysis
ETH Price Chart | Source: crypto.news
Daily charts show that ETH prices have been a strong bull run in the past few weeks, exceeding the April low of $1,382 to $3,500.
ETH formed a golden cross as the 200-day and 50-day moving averages crossed each other. The relative strength index continues to rise, but the average direction index has skyrocketed to 38, the highest point since May 17th this year.
The Soaring ADX indicator shows that ETH Rally is gaining momentum. So you’ll see that the token will likely continue to rise, and the next point will be $4,000 at a psychological point. However, there is a risk that coins are purchased so much that they have short pullbacks and will resume the uptrend.
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