Will Ethereum ETFs Help 'Break This Consolidation And Head Towards An All-Time High'?

Spot Ethereum ETH/USD ETFs saw a solid first trading day, prompting traders to call for all-time highs being hit soon.

What Happened: Educational content provider The Roundtable tweeted that the year has been bullish for Ethereum, as prices rallied from $2,200 at the beginning of the year to the current price of around $3,400.

Since the start of April, Ethereum has traded sideways, but the last few months of the year are expected to be very bullish. "Price is expected to break this consolidation and head towards an all-time high," according to the analyst.

Crypto trader The Moon targets $4,090 for Ethereum after the breakout.

Also Read: Ethereum ETFs Are Live: Here’s How Experts Assess Their Launch

Why It Matters: Crypto trader Michaёl van de Poppe pointed out the first day’s trading numbers, with $590.7 million in inflows and $484.1 million in outflows for a net inflow of $106.6 million. "The supply increase of ETH this year is $155 million. The demand in one day is almost the same as the supply in 2024,” the analyst concluded.

Bloomberg analyst James Seyffart provided a recap of the Ethereum ETFs, which own $10.2 billion in assets across nine ETFs, hitting a trading volume of more than $1.1 billion on their first day.

Crypto trader Jelle highlighted major demand for BlackRock‘s and Bitwise‘s products, accounting for more than $200 million in inflows. Still, Grayscale‘s outflows "showed up to ruin the party," the analyst noted.

What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Ethereum May Be Headed For A Sell-Off After ETFs Launched: 10x Research

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