The Ethereum price was up over 2% today, indicating a positive sentiment hovering in the market amid a broader market recovery.
The Ethereum price showed a positive trend on Thursday evening, as the token price surged by over 2%. This positive momentum comes amid a broader market recovery, with Bitcoin price and other altcoins also showing gains. However, the rally comes after several weeks of decline, and many investors are seeking answers on what could have helped reverse the sentiment.
In this light, let’s explore some of the potential reasons that might have contributed to the gains in ETH price today.
Why Is the Ethereum Price Rising?
The broader market sentiment appears to be improving, with a positive momentum that could have helped gains in Ethereum price today, along with Bitcoin and other top altcoins. However, here we take a look at some of the reasons that could have contributed to the recent surge in prices.
Highlighting some of the potential drivers for Ethereum price today, several market updates could have influenced the token’s price. For instance, the US Spot Ethereum ETF recorded an inflow of $5.9 million on Wednesday, August 28, as highlighted by Farside Investors data.
The data showed that BlackRock Ethereum ETF (ETHA) led the inflow with $8.4 million, followed by a $1.3 million influx of Fidelity’s FETH. Grayscale Ethereum ETF (ETHE) has continued to stay in the red, with a $3.8 million outflow on August 28.
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