Ethereum Price Forecast: Could ETH see new all-time high after 30% rise and record ETF inflows?

Ethereum price today: $3,300

• Ethereum ETFs posted a record $154.7 million net inflow last week.
• Justin Drake plans to unveil a new Ethereum consensus layer proposal at Devcon on Tuesday.
• Ethereum open interest climbed to an all-time high of $17.93 billion.
• Ethereum could rally to $3,732 if it overcomes $3,300 resistance amid quest for a new all-time high.

Ethereum (ETH) is up nearly 3% on Monday as it tackles the resistance near $3,300 for the first time since July. After soaring nearly 30% in the past week and seeing record ETH exchange-traded funds (ETF) inflows and open interest growth, the top altcoin could continue its bullish momentum and aim for a new all-time high.

Ethereum sets new ETH ETF inflows and open interest record

Ethereum ETFs witnessed their highest weekly inflows last week after recording net inflows of $154.7 million, per Coinglass data.

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

ETH derivatives investors expect a continuation of the bullish momentum as Ethereum's futures open interest surged to an all-time high of $17.93 billion on Monday.

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

Ethereum Open Interest | Coinglass

Meanwhile, Ethereum developer Justin Drake announced in an X post on Monday that he would reveal a new "from-scratch" redesigned framework for the Ethereum consensus layer at the Ethereum Devcon conference on November 12.

"The goal is to suggest a credible strategy to ship what is an extremely ambitious and exciting beacon chain roadmap, all on a reasonable timeframe," wrote Drake.

He revealed that the new framework had passed through a gestation period involving researchers and consensus developers.

"It's early days[,] and your participation is key should this new approach to tackling the consensus layer roadmap ever achieve rough consensus," Drake concluded.

The current Ethereum consensus layer features a Proof-of-Stake mechanism in which thousands of geographically-distributed validators worldwide use their coins in the process of validating transactions.

Ethereum Price Forecast: ETH eyes $3,732 in quest for new all-time high

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

Ethereum surged above the 100-day Simple Moving Average (SMA) and $3,000 psychological level over the weekend after reclaiming the $2,817 key support level.

ETH/USDT daily chart

The top altcoin is tackling the resistance level near $3,300. A sustained move above this resistance could see ETH rally toward $3,732. If the buying momentum sustains, ETH could test its yearly high resistance of $4,093 and aim for a new all-time high.

On the downside, the 100-day SMA could serve as a support. If it fails, ETH could likely bounce off the $2,817 key level, which held as a key support for nearly four months — April to July 2024.

The Relative Strength Index (RSI) is in the oversold region, signaling a potential correction.

A daily candlestick close below $2,817 will invalidate the thesis.

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