Ethereum started November with a remarkable 40% rally. However, maintaining momentum has been a challenge for this leading altcoin.
The price stabilization above $3,000 is partly attributed to substantial institutional interest, marked by historic inflows in Ethereum ETFs.
Recently, Ethereum ETFs recorded their most significant weekly inflows since inception, with BlackRock contributing $286 million, and total ETF inflows reaching $550 million.
This surge signifies growing institutional confidence, buoyed by Ethereum’s price recovery and Bitcoin’s recent highs.
Further supporting Ethereum's position in the crypto market, this ETF activity indicates a bullish market sentiment, potentially overcoming price stagnation.
Beyond ETFs, November saw $789 million in institutional Ethereum inflows, reflecting renewed interest in it as a long-term asset.
Large wallet holders are also increasing their Ethereum activity, bolstering the crypto's macro momentum.
Institutional demand highlights Ethereum's evolving role in diversified asset strategies, underscoring its strengthening market influence.
Trading at $3,108, Ethereum holds above its key $3,001 support, aligning with the 61.8% Fibonacci Retracement line, known as a bull market support floor.
If positive market sentiment persists, Ethereum could surpass the $3,248 resistance, solidifying its bullish trajectory.
Failure to maintain this support may weaken the bullish outlook, affecting investor confidence. However, Ethereum’s future lies in leveraging institutional backing to maintain momentum.
