Ethereum News Today: Ethereum Surges 158% in Six Days, Reaching $3,580 on Record ETF Inflows

Ethereum's price has surged for six consecutive days, reaching its highest point since January 7, with an increase of over 158% from its lowest point in May this year. The cryptocurrency jumped to around $3,580, making it one of the best-performing coins this week. This surge coincided with robust spot Ethereum ETF inflows, which added a record $2.1 billion in assets, marking the biggest weekly gains on record. The inflow was significantly higher than the previous week’s $907 million and represented the tenth consecutive week of positive Ethereum ETF inflows, the longest streak since the ETFs were approved in September last year. Cumulative inflows jumped to over $7.49 billion.

BlackRock’s ETHA ETF is leading the pack, with its assets jumping to $9.17 billion, accounting for almost half of the assets in Ethereum ETFs. The crypto industry faced numerous tailwinds, including the signing of the GENIUS Act, and benefited from the ongoing accumulation by SharpLink, which has become one of the largest corporate holders. The Ethereum price surge also coincided with other strong metrics, such as the stablecoin supply reaching a record high and decentralized finance assets surging to over $178 billion.

Technical analysis of Ethereum’s price shows a strong bull run in the past few weeks, moving from a low of $1,382 in April to over $3,500. Ethereum has formed a golden cross as the 200-day and 50-day moving averages crossed each other. The Relative Strength Index has continued rising, while the Average Directional Index soared to 38, the highest point since May 17 this year. The soaring ADX indicator suggests that the ETH rally is gaining momentum, with the next point to watch being at the psychological point at $4,000. However, with the coin being highly overbought, there is a risk that it will have a brief pullback and then resume the uptrend.

According to the analyst's forecast, if Ethereum breaks the $3,100 neckline, it is expected to rise toward the $3,800 to $4,000 zone. Crypto analyst Michaël van de Poppe also believes Ethereum is heading toward the $4,000 mark, suggesting that any short-term corrections or pullbacks should be seen as buying opportunities. The first U.S. spot Ethereum ETFs launched, with ETH price surging to $3,400, and traders eyeing $3,800 next.