ETH Analysis: ETFs 'explode' as analysts target $3,000.
Ethereum has regained momentum and is back in the headlines. Despite the volatility in the markets, some optimistic analysts believe it could soon surpass the $3,000 barrier.
At the time of writing, the price of ETH is trading at $2,820, with daily gains of 2.1%, weekly gains of 7.3%, and monthly gains of 15.1%. Despite the recovery of the second cryptocurrency, it still has annual losses of 19.1%.
What is driving the price of ETH?
The reasons behind the rise of ETH can be seen in the performance of ETH exchange-traded funds.
In turn, the rise in traditional stock markets was key to the surge of Ethereum exchange-traded funds (ETFs). According to a report by Farside Investors, in just one day, these funds accumulated $125 million.
The spot ETFs for Ethereum in the United States have recorded 18 consecutive days of net capital inflows. Meanwhile, Bitcoin spot ETFs have shown more variable behavior, with mixed flows during the same period.
On the other hand, the first Ethereum ETFs with staking could be launched in the coming weeks, according to estimates from several analysts. This comes after a recent proposal from the provider REX Shares, which suggested new regulatory strategies to make them possible.
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