Ethereum

bullish

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<ul> 
 <li aria-level="1">Ethereum’s transaction volume surges by 300%, reaching a daily large transaction volume of $17.15 billion on December 7.</li> 
 <li aria-level="1">Ethereum ETFs in the U.S. see unprecedented inflows, with a record-setting $428 million entering on a single Thursday.</li> 
</ul> 
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has witnessed a dramatic escalation in transaction activity, marked by an impressive 300% increase in weekly transaction volume.&nbsp; 
This surge has brought the total to an astounding $17.15 billion in large transactions recorded on December 7th alone, indicating a heightened level of trading activity among significant market “whales.” 
These large-scale transactions typically exceed $100,000 each and have become more frequent as Ethereum’s price recently surpassed the $4,000 mark, a level last seen in March of this year. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Large <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> transactions are surging! The weekly transaction volume has skyrocketed by over 300%, hitting $17.15 billion today. <a href="https://t.co/3cBBG48RgR">pic.twitter.com/3cBBG48RgR</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1865450701544935807?ref_src=twsrc%5Etfw">December 7, 2024</a>
</blockquote> 
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This spike in whale transactions correlates closely with the overarching trends in the cryptocurrency market, particularly in light of Bitcoin’s breakthrough above the $100,000 threshold, setting a new all-time high of $104,000 during the same week. 
The rise in transaction volume on <a href="https://www.ethnews.com/is-ethereum-undervalued-insights-from-macd-and-nvt-ratios/">Ethereum’s network</a> is seen by many analysts as a bullish sign, suggesting robust demand and a positive market outlook. Notably, Ali, a crypto analyst, emphasized the significance of these developments, stating the increased activity underscores the growing financial movements within the Ethereum ecosystem. 
Further underscoring the optimistic sentiment, <a href="https://www.ethnews.com/u-s-ethereum-etfs-likely-to-integrate-staking-returns-under-new-sec-boosting-eths-annual-percentage-yield-apy/">Ethereum exchange-traded funds (ETFs)</a> in the United States reported unprecedented inflows, with a record $428 million entering these funds on a single day. Additionally, the combined net flow into nine specific Ethereum ETFs totaled 108,045 ETH, valued at approximately $433.15 million, just a day prior. 
This influx of funds into Ethereum ETFs, coupled with the surge in large transaction volumes, paints a picture of a cryptocurrency that is not only recovering but also expanding its influence in the financial market.&nbsp; 
The <a href="https://www.ethnews.com/ethereums-supply-what-the-exchange-supply-ratio-reveals/">increased transaction activity</a> and fund inflows into Ethereum suggest that both retail and institutional investors are becoming increasingly confident in the long-term prospects of Ethereum as a leading digital asset, potentially setting the stage for further price appreciation and market growth. 
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Last week (December 2 to December 6, EST), Ethereum spot ETFs had a net inflow of $837 million, reaching a record high for weekly net inflows. The Ethereum spot ETF with the largest weekly net inflows last week was Blackrock’s Ethereum ETF ETHA, with a weekly net inflow of $573 million. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Last week (December 2 to December 6, EST), Ethereum spot ETFs had a net inflow of $837 million, reaching a record high for weekly net inflows. The Ethereum spot ETF with the largest weekly net inflows last week was Blackrock's Ethereum ETF ETHA, with a weekly net inflow of $573… <a href="https://t.co/PrTDch754c">pic.twitter.com/PrTDch754c</a> 
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1865970049418502480?ref_src=twsrc%5Etfw">December 9, 2024</a>
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The Ethereum (ETH) chart shows a current price of $3,903.2, retracing from the recent high of $4,008.2, facing resistance in the premium zone around $4,000–$4,200. Key support lies at $3,800, with additional zones at $3,200 (equilibrium) and $2,400 (discount). 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-111223" src="https://www.ethnews.com/wp-content/uploads/2024/12/ETHUSD_2024-12-09_11-13-24.png" alt="ETHUSD_2024-12-09_11-13-24" width="2048" height="929"> 
Structural shifts, including Break of Structure (BOS) and Change of Character (ChOCH), highlight the bullish trend, while the OBV MACD indicates potential bearish divergence, suggesting a short-term pullback or consolidation. 
If ETH sustains above $3,800, a retest of $4,200 is likely, but failure could lead to a retracement toward $3,200, maintaining its longer-term bullish outlook. 
The post <a href="https://www.ethnews.com/ethereum-etfs-report-a-net-positive-flow-with-a-record-inflow-of-428-million/">Ethereum ETFs report a net positive flow, with a record inflow of $428 million</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Ethereum ETFs report a net positive flow, with a record inflow of $428 million

ETHNews

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