Over the past 12 weeks, Ethereum-linked investment funds have seen a significant 19.5% rise in assets under management (AUM), reaching $19.6 billion. In comparison, Bitcoin-linked funds recorded a 9.8% increase, bringing their AUM to $176 billion. The renewed investor interest in Ethereum aligns with its price recovery above the $3,000 mark for the first time in five months. While it still trails its previous peak of $4,900, ETH has posted an impressive 85% gain over the last three months, signaling growing confidence in its long-term value.
At the time of writing, ETH was trading at $2,952.
ETH witnessed a sharp correction, and the price fell by almost 26.5% from $2,879 to $2,111. The asset bounced from the key support of $2,150 and rallied up to $2,625. Following this move, ETH consolidated and traded in a range between $2,625 and $2,475 with low volumes. The asset eventually broke out of the range with good volumes, and the price surged up to $3,083. ETH faces strong resistance at $3,050, and to rally further, it must close and sustain above this level. Meanwhile, $2,850 and $2,650 will act as strong support levels for the asset.
Also read: Bitcoin Rallies Past $120K to Hit Record High
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