Ethereum Records 55% Rally, Outpacing Bitcoin’s 28% Increase
Ethereum Performance
- Ethereum has increased by 55% in the past 60 days, outpacing Bitcoin's 28% rise.
- Recent inflows into US-based spot ETFs contributed to this rally.
- In the last 24 hours, major exchanges reported a net inflow of nearly 65,000 ETH.
- Binance and Bitfinex were the largest contributors with inflows of 24,234 ETH and 24,415 ETH, respectively.
- This influx suggests potential profit-taking among short-term traders amid broader market uncertainty.
Market Overview
- The global crypto market cap decreased by 0.3% to $3.28 trillion.
- Only 3.3% of ETH holders are identified as short-term traders.
- Over $160 million worth of ETH entered exchanges, indicating liquidity but not necessarily a price drop.
- Liquidations over the past day totaled $36 million, primarily in long positions.
- ETH price dropped 0.8% to $2,490, with a local low of $2,480.
Outlook
- Spot ETH ETFs in the US saw a net inflow of $837.5 million in three weeks.
- BlackRock’s ETHA fund exceeded $4.8 billion in inflows, highlighting institutional interest.
- For bullish momentum, ETH must break above $2,545 and maintain support above $2,450.
- A drop below $2,400 could further delay reaching the $3,000 target.