Ethereum is struggling to reach its previous highs but its on-chain movements and decentralized finance sector remain strong. ETH has been consolidating between $3,120 and $3,290 after briefly touching a four-month high of $3,444. Spot ETH exchange-traded funds in the U.S. have seen consecutive inflows, with a record net inflow of $295.5 million and a total inflow of $241.7 million. Whale accumulation of over 97,000 ETH has been observed, leading to increased price volatility. Retail investors have also been accumulating Ethereum, as seen through exchange net outflows of $1.12 billion. The Ethereum DeFi sector is surging, with a $10 billion increase in total value locked and tripled fees collected by DeFi platforms in the past seven days. There is an 18% chance of Ethereum reaching $4,000 by the end of the year, according to market analysis firm Amberdata. The growth in ETH ETFs and whale accumulation could contribute to positive price momentum, but macro events may still impact the market.
- Content Editor ( crypto.news )
- 2024-11-14
Here are 5 reasons why Ethereum looks strong despite market volatility