ETH Breaks Major Milestone Amid Uptober Boom: Can It Lead the Next Altcoin Wave?
The price of Ethereum has been continuously rising and has regained a significant milestone as it continues to move higher. According to CoinMarketCap’s market data, Ethereum is currently trading at $4,677, up about 2.32% for the day. At the beginning of “Uptober,” the second-largest cryptocurrency asset started to rise. It became part of the larger market upswing that has seen numerous altcoins post new gains and Bitcoin recapture new highs.
Ethereum ETF Inflows Hit $1.47B in Six Days
ETH has been gaining a lot of momentum lately, rising about 12.03% in the last seven days. Strong inflows into the Ethereum ETFs listed in the United States, which have displayed a multi-day winning run, have bolstered the price increase. Inflows into ETH ETFs totaled over $177 million during the most recent trading session, increasing their six-day total to approximately $1.47 billion.
Ethereum’s Uptober Surge Signals Potential Return to $5K
The asset reached almost $4,900 during the previous increase in ETH in July. There were several calls for a move to the $5,000 level as a result of this. It retraced below $4,000 in September, though, as profit-taking took hold and the enthusiasm waned. With the recent Uptober surge placing bulls back in control, ETH has been making an effort to regain strength ever since.
Technical signals are getting better, which supports Ethereum‘s most recent recovery. Ethereum has emerged from its short-term descending channel on the daily chart and seems to be establishing a new ascending structure, which is reminiscent of its configuration during the July surge. The 30-day simple moving average (SMA), which has turned into short-term support, is currently slightly above the price at $4,330. It appears that buyers are taking back control if this position is maintained.
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