Ethereum surges amid massive inflows into ETFS, government support for cryptocurrencies

The price of Ethereum (ETH) has surged by a remarkable 7.51% over the past few days, reaching $3,421 on January 24, supported by a wave of market optimism.

The move follows a broad-based rally in the prices of major cryptocurrencies such as Bitcoin (BTC) and XRP, which have also seen notable increases. These gains were further bolstered after the US President issued an executive order on January 23, aimed at strengthening US dominance in the digital asset space.

The executive order, which reflects government support for cryptocurrencies, has helped boost investor confidence and led to massive inflows into Ethereum exchange-traded funds (ETFs), with these funds bringing in $396.5 million in just six days.

With these favorable factors, many analysts expect Ethereum to continue its upward trend, with some forecasts suggesting it could reach $7,000 by Q1 2025, given continued government support and significant growth in the Ethereum network.