Spot Ethereum ETFs have hit their highest weekly volumes ever, as the price of Ethereum reached $3,400 for the first time since March. However, some selling pressure has caused Ethereum to pull back to around $3,100, finding support at that level. Despite this, Ethereum is still showing strong bullish momentum, and top analysts believe ETH could reach $4,000 by the end of the year.
Ethereum ETFs Hit Record-Breaking Volumes
Since the launch of spot Ethereum ETFs in August, trading volume has fluctuated, but this past week ETH ETFs surged to $1.63 billion in trading volume, marking a 44% jump from the previous week.
In the first three weeks, daily volumes were just $566 million. But from mid-August to October, the volume dropped to around $168 million, perhaps things have picked up again, now averaging $326 million daily.
Meanwhile, this surge in activity mirrors the early days of Bitcoin ETFs, which saw a similar pattern—spikes followed by a dip, then a significant rise again, raising hopes for similar long-term growth.
Ethereum Eyes $4,000 Target
After hitting a high of $3,447, Ethereum faced selling pressure, pushing its price back to around $3,100. This drop aligns with the 38.2% Fibonacci retracement level, sparking speculation about a potential for more correction.
Some are pointing to key support levels around $2,899 and $2,770, suggesting that if Ethereum can hold steady, it could bounce back. There’s even talk of Ethereum reaching $4,000 by the end of the year.
One well-known trader, “Bloodgood,” is already planning to buy Ethereum, aiming for a target of $4,000.
Ethereum Pectra Upgrade
The upcoming Pectra upgrade is another reason for optimism, which is set to improve Ethereum’s scalability, security, and usability, this upgrade could further solidify Ethereum’s dominance in the blockchain space.
Well-known analyst AstroCryptoGuru predicts that Ethereum’s price could reach $4,000 thanks to the transformative impact of the upgrade, while others see even bigger potential if Ethereum continues to evolve.
Some even predict that Ethereum could reach new all-time highs above $5,500, especially if institutional investors continue to show interest.
