Mike Smith
December 6
On December 6, Ethereum, the second-largest cryptocurrency, surpassed the $4,000 mark for the first time since March. According to CoinGecko, its value has increased by 1.4% over the past 24 hours.
Popular crypto trader Scott Melker noted that on December 5, Ethereum-based spot exchange-traded funds recorded a record inflow of $428.5 million. The leader among them was BlackRock's ETHA fund, which collected $292.7 million. Over the past five days, total inflows amounted to almost $800 million.
According to analytics conducted by Block Scholes and Bybit Analytics, by the end of November, investor interest in Ethereum has noticeably increased. Experts also associate the current activity with possible relaxation of regulation. All this creates the preconditions for further growth of the asset, especially before the inauguration of Donald Trump.
It is worth noting that even before reaching the $4,000 mark, the price of Ethereum rose to $3,700, showing a faster growth rate than Bitcoin. QCP Capital specialists then recorded a capital flow into altcoins, which also contributed to the strengthening of Ethereum's position.
At the moment, the volume of open positions in Ethereum futures has reached $27.9 billion, which confirms the continuing interest from investors and traders.
An analyst under the pseudonym Wolf in his assessment highlighted the formation of the "Triangle" figure on the Ethereum chart since the end of 2021. According to his forecasts, with a successful breakout from this consolidation zone, the price of the cryptocurrency could reach $20,000.
