Ether products saw the largest weekly inflow since March last week. Bloomberg highlights that according to CoinShares report, the surprise move by the U.S. Securities and Exchange Commission to permit Ether exchange-traded funds probably resulted in the biggest weekly inflows into investment products holding the second-largest cryptocurrency in months.
A report from the digital asset management and crypto research business states that $69 million in investor inflows were made into investment products worldwide that held Ether in the week that concluded on Friday. It’s at its highest point since March. Unexpectedly, the SEC decided on May 23 to move forward with the US Ethereum ETF approval process.
Ether Price Under Pressure Despite Milestone Inflows
The price of the second-biggest cryptocurrency has not performed well after Friday’s trading session. Despite the weekly inflows, Ether saw a downward trend of nearly 3%, currently standing at $3,587.21. A major reason for the caution in trading trends could be the US Jobs data.
The US jobs numbers, which were hotter than anticipated, surprised the traditional markets. As a result, the S&P 500 and Nasdaq 100 indexes were down 0.10% and 0.15%, respectively, at the time of publication. According to the data released last Friday, US companies created 272,000 new jobs in May, far more than predicted by the market. Consequently, the price of Bitcoin dropped below $68,420 before rising above $69,600 once more. The price of ETH also saw a large decline, bottoming out at new monthly lows of $3,600.
Will Ethereum See A Market Rebound?
The first-ever spot Ethereum ETF is still awaiting S-1 certification, even though 19b-4 filings were approved. The selling pressure on ETH has escalated due to the delay in ETF listing which has been accompanied by a significant sell-off toward $3,357, sparking worries about a fall below this level.
However, over the past month, there has been a 22.34% gain in the price of ETH, bringing its current value up by an enormous average of $624.97. This rapid rise indicates that if the coin keeps growing, it has the potential to become a reliable asset. The technical analysis of projected Ethereum prices for 2024 an average trade price of approximately $4,033.46. With the higher price expectation, Ether will likely have to look for bullish cues in the market to continue its forward-moving trajectory.
