Could ETH hit new all-time high after 30% surge and see ETF inflows?

Ethereum price today: $3,300

• Ethereum ETFs saw record net inflows of $154.7 million last week.
• Justin Drake plans to unveil a new proposal for an Ethereum consensus layer at Devcon on Tuesday.
• Open interest in Ethereum rose to an all-time high of $17.93 billion.
• Ethereum could rise to $3,732 if it clears the $3,300 resistance in search of a new all-time high.

Ethereum (ETH) is up nearly 3% on Monday as it clears resistance near $3,300 for the first time since July. After a nearly 30% surge last week and record ETH exchange-traded fund (ETF) inflows and a surge in open interest, the top altcoin could continue its uptrend and aim for a new all-time high.

Ethereum sets a new ETH ETF inflow and open interest record

Ethereum ETFs recorded their highest weekly inflows last week after recording net inflows of $154.7 million, according to Coinglass data.

The inflows follow increased demand from institutional investors for the top altcoin after an impressive 30% rise last week. If Ethereum ETF inflows continue a similar trend this week, it could push ETH to a new all-time high.

ETH derivatives investors expect the bullish momentum to continue as Ethereum futures open interest rose to an all-time high of $17.93 billion on Monday.

Open interest is the total amount of outstanding contracts in a derivatives market. If OI grows in tandem with prices, it indicates increased bullish momentum.

Open Ethereum Interest | Coin jar

Meanwhile, Ethereum developer Justin Drake announced in an

“The goal is to propose a credible strategy to deliver a highly ambitious and exciting beacon chain roadmap in a reasonable time frame,” Drake wrote.

He revealed that the new framework had gone through a development phase involving researchers and consensus developers.

“It’s still early[,] And your participation is critical should this new approach to tackling the consensus layer roadmap ever achieve rough consensus,” Drake concluded.

The current Ethereum consensus layer has a proof-of-stake mechanism, where thousands of geographically dispersed validators worldwide use their coins to validate transactions.

Ethereum Price Prediction: ETH targets $3,732 in search of new all-time high

Ethereum recorded over $102.89 million in futures liquidations in the last 24 hours, with liquidated long and short positions accounting for $58.18 million and $44.71 million, respectively.

Ethereum rose above the 100-day simple moving average (SMA) and the psychological level of $3,000 over the weekend after reclaiming key support at $2,817.

ETH/USDT daily chart

The top altcoin is attacking the resistance level near $3,300. A sustained move above this resistance could see ETH rise towards $3,732. If buying momentum continues, ETH could test its yearly high resistance at $4,093 and aim for a new all-time high.

On the other hand, the 100-day SMA could act as support. If it fails, ETH could likely rebound from the key $2,817 level, which served as key support for almost four months – April to July 2024.

The Relative Strength Index (RSI) is in oversold territory, indicating a possible correction.

A daily candlestick close below $2,817 would invalidate this thesis.