Ethereum Jumps 29% in a Week as Traders Bet on ETF Momentum

CoinGecko data shows Coinbase's order book flashed a $2,516 print at 14:22 UTC Thursday, the highest level since December 2021. A single market buy lifted the best ask by $40 in seconds. By the 16:00 UTC close, ether had retraced to $2,415.81, still up 29.2% on the week. The move started quietly. per CoinGecko, monday's open at $1,880.07 looked like another choppy session. Tuesday added $21. Wednesday barely moved. Figures from the desk show then Thursday's Asian session brought a $340 jump in four hours as futures funding flipped positive across Binance, Bybit, and OKX. Friday held the gain. CoinGecko data shows saturday's early hours saw profit-taking pull price back to the $2,410 handle.

Spot ETF filings provided the catalyst. BlackRock's iShares Ethereum Trust and Fidelity's Wise Origin Ethereum Fund both submitted S-1 amendments last week, signaling the SEC may approve multiple issuers simultaneously. per CoinGecko, analysts at Galaxy Digital estimate $3, 5 billion in first-month flows if approved, comparable to the bitcoin ETF launch in January. Volume confirms conviction. Figures from the desk show the $23.8 billion 24-hour print ranks in the 90th percentile for the past year. CoinGecko data shows the 7-day volume average climbed from $14.2 billion to $23.8 billion over the same period. Perpetual open interest rose $2.1 billion to $10.5 billion, per Coinglass, indicating fresh longs rather than short covering. Funding at 8.7% annualized suggests leverage but not euphoria. On-chain data tells a quieter story. Active addresses held near 450,000 daily, flat for the month. Gas fees averaged 12 gwei, well below the 50 gwei peaks of March. The surge appears futures-led, not demand-led. That distinction matters: derivatives rallies reverse faster when funding normalizes. CoinGecko data shows the 2021 peak of $4,878 remains distant. But the weekly close above $2,400 reclaims the 200-day moving average for the first time since April. Technical analysts at Rekt Capital flag $2,550 as the next resistance, the July 2022 high. A weekly close above that level would complete a higher-high structure on the weekly chart. ETF approval timelines remain the swing factor. The SEC faces a November deadline on the first batch of applications. Until then, price action will likely track filing amendments and commissioner speeches more than on-chain fundamentals.