As per the recent update, the second biggest cryptocurrency, Ethereum (ETH) surpassed a crucial resistance level of $4000 with a 5.4% hike in the last 24 hours, currently trading at around $4,048.73.
This remarkable surge follows rising interest in spot ETFs, with Thursday marking a record day for net inflows. On November 6, as the US presidential election results were awaited, ETH hovered near $2,500. However, after Trump’s victory became evident, BTC and most altcoins saw a sharp rally.
ETH struggled within a range of $3,000 to $3,400 for weeks but finally gained momentum last week, surging 14% during that period. In the past 24 hours alone, ETH rose over 6% breaking the $4,000 mark for the first time since March and briefly touching $4,100 before stabilizing slightly below.
The primary driver of this impressive rally appears to be the renewed interest in spot Ethereum ETFs. After months of lagging behind their Bitcoin counterparts, Ethereum ETFs have captured investor attention.
December 5 marked a record-breaking day, with $428.5 million in net inflows, surpassing the previous record of $332.9 million on November 29.
Leading the surge was BlackRock’s ETHA, which saw $292.7 million in inflows, followed by Fidelity’s FETH with $113.6 million. This shift shows a growing demand for Ethereum-focused investment products.
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