Photo credit: Jonathan Borba

Ether (ETH) has climbed nearly 25% since the start of 2024 and continued its ascent with a recent 10% gain post the US election 2024, currently trading around $2,800.15 — according to the data from CoinMarketCap. 

Analysts argue that despite the impressive price action, Ether may still be undervalued and positioned for a significant surge, especially after Bitcoin soared past its all-time high earlier this week.

Prominent crypto trader “Byzantine General” expressed bullish sentiment about Ether’s trajectory, suggesting in a Nov. 6 post on X (formerly Twitter) that the asset is primed for a “monster rally.” 

Another analyst, Miles Deutscher, shared his astonishment over Ether’s performance, noting in his X post that it has outperformed Bitcoin and Solana (SOL) over the past 24 hours, calling the rally “unfathomable.”

Ether’s current climb marks the first time since August that it has breached the $2,800 level. However, the coin still remains below its year-to-date peak of $4,066, set in March, according to TradingView data.

Institutional interest in Ether appears to be gaining traction as well. The U.S. market saw its highest inflow into spot Ether exchange-traded funds (ETFs) in six weeks on Nov. 6, with a net aggregate of $52.29 million, according to data from SoSo Value. 

This spike came in the aftermath of the US presidential election, which catalyzed broad momentum across the crypto markets.

Among the nine recently launched spot Ether ETFs in the U.S., the Fidelity Ethereum Fund (FETH) led the inflows with $26.9 million, followed by Grayscale’s Ethereum Mini Trust (ETH) with $25.29 million. 

However, the remaining seven Ether ETFs recorded no inflows that day. Notably, BlackRock’s iShares Ethereum Trust (ETHA), one of the largest funds, showed a net zero flow on Nov. 6.

Despite the recent inflows, the total net aggregate across all Ether ETFs remains negative at $502.27 million, primarily due to a continued exodus from Grayscale’s high-fee ETHE fund, which has lost $3.1 billion in assets under management since its conversion to a spot ETF in July.