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Could ETH hit new all-time high after 30% surge and see ETF inflows?

Ethereum price today: $3,300

  • Ethereum ETFs saw record net inflows of $154.7 million last week.
  • Justin Drake plans to unveil a new proposal for an Ethereum consensus layer at Devcon on Tuesday.
  • Open interest in Ethereum rose to an all-time high of $17.93 billion.
  • Ethereum could rise to $3,732 if it clears the $3,300 resistance in search of a new all-time high.

Ethereum (ETH) is up nearly 3% on Monday as it clears resistance near $3,300 for the first time since July. After a nearly 30% surge last week and record ETH exchange-traded fund (ETF) inflows and a surge in open interest, the top altcoin could continue its uptrend and aim for a new all-time high.

Ethereum sets a new ETH ETF inflow and open interest record

Ethereum ETFs recorded their highest weekly inflows last week after recording net inflows of $154.7 million, according to Coinglass data.

The inflows follow increased demand from institutional investors for the top altcoin after an impressive 30% rise last week. If Ethereum ETF inflows continue a similar trend this week, it could push ETH to a new all-time high.

ETH derivatives investors expect the bullish momentum to continue as Ethereum futures open interest rose to an all-time high of $17.93 billion on Monday.

Open interest is the total amount of outstanding contracts in a derivatives market. If OI grows in tandem with prices, it indicates increased bullish momentum.

Open Ethereum Interest | Coin jar

Meanwhile, Ethereum developer Justin Drake announced in an

“The goal is to propose a credible strategy to deliver a highly ambitious and exciting beacon chain roadmap in a reasonable time frame,” Drake wrote.

He revealed that the new framework had gone through a development phase involving researchers and consensus developers.

“It's still early[,] And your participation is critical should this new approach to tackling the consensus layer roadmap ever achieve rough consensus,” Drake concluded.

The current Ethereum consensus layer has a proof-of-stake mechanism, where thousands of geographically dispersed validators worldwide use their coins to validate transactions.

Ethereum Price Prediction: ETH targets $3,732 in search of new all-time high

Ethereum recorded over $102.89 million in futures liquidations in the last 24 hours, with liquidated long and short positions accounting for $58.18 million and $44.71 million, respectively.

Ethereum rose above the 100-day simple moving average (SMA) and the psychological level of $3,000 over the weekend after reclaiming key support at $2,817.

ETH/USDT daily chart

ETH/USDT daily chart

The top altcoin is attacking the resistance level near $3,300. A sustained move above this resistance could see ETH rise towards $3,732. If buying momentum continues, ETH could test its yearly high resistance at $4,093 and aim for a new all-time high.

On the other hand, the 100-day SMA could act as support. If it fails, ETH could likely rebound from the key $2,817 level, which served as key support for almost four months – April to July 2024.

The Relative Strength Index (RSI) is in oversold territory, indicating a possible correction.

A daily candlestick close below $2,817 would invalidate this thesis.

Ethereum Frequently Asked Questions

Ethereum is a decentralized open source blockchain with smart contracts functionality. Its home currency Ether (ETH) is the second largest cryptocurrency and the number one altcoin in terms of market capitalization. The Ethereum network is tailored for building crypto solutions such as decentralized finance (DeFi), GameFi, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), etc.

Ethereum is a public decentralized blockchain technology that allows developers to build and deploy working applications without the need for a central authority. To make this easier, the network uses the Solidity programming language and the Ethereum virtual machine, which helps developers create and launch applications with smart contract functionality.

Smart contracts are publicly verifiable codes that automate agreements between two or more parties. Basically, these codes carry out coded actions themselves when specified conditions are met.

Staking is a process in which you earn income from your idle crypto assets by locking them in a crypto protocol for a specific period of time to help ensure security. Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism on September 15, 2022, in an event called “The Merge.” The merger was an important part of Ethereum's roadmap to achieve high levels of scalability, decentralization and security while remaining sustainable. Unlike PoW, which requires the use of expensive hardware, PoS lowers the barrier to entry for validators by leveraging the use of crypto tokens as the central foundation of its consensus process.

Gas is the unit of measuring the transaction fees that users pay for conducting transactions on Ethereum. During times of network congestion, gas levels can be extremely high, causing validators to prioritize transactions based on their fees.

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