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The Ethereum Spot Exchange Traded Fund (ETF) has recorded positive daily inflows for 16 consecutive days, fueling optimism that ETH could reach new all-time highs (ATH) in the coming weeks. It's rising again. However, for ETH to reach this milestone, it will need to break above a key resistance level of $4,000.
Ethereum spot ETF that collects stable inflows
Ethereum Spot ETF inflows have remained consistently positive since November 22, according to SoSoValue data. Cumulative net inflows totaled $2.32 billion, a significant increase of $1.5 billion from November 22nd to December 16th alone.
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Source: SoSoValue
In terms of weekly inflows, the week ending December 13th had net inflows of $854.85 million, followed closely by the week ending December 6th with $836.69 million. Additionally, the total net assets held by the Ethereum ETF increased to $14.28 billion. 2.93% of the total circulation of ETH.
Grayscale’s Ethereum Trust (ETHE) ranks as the largest holder with a net worth of $5.87 billion, followed by BlackRock’s iShares Ethereum Trust (ETHA) with $4.02 billion. These strong inflows into Ethereum ETFs are reinforcing bullish sentiment, with Ethereum bulls anticipating a potential rally to a new ATH for the second-largest cryptocurrency by market capitalization.
Crypto analyst Momin Saqib took X to share his thoughts on ETH price trends. The analyst noted that ETH appears poised to break out of the local highs in the $4,000 range and is keeping an eye on the $4,500 price level. He added:
Ethereum has been receiving steady inflows in recent weeks. After seeing $BTC at $107,000…. I don't think financial institutions have much choice left to bet on the further rise of the cryptocurrency industry. Higher!
Source: Momin Saqib on X
Looking at Ethereum’s weekly chart, the digital asset has made four significant attempts to break out of the $4,000 resistance level. A second attempt briefly surpassed this level, forming the current ATH of $4,878, but it ultimately turned out to be a false breakout, resulting in a two-year long bearish The market continued.
Analyst Recto Capital noted that the retest of the $3,100 price level after ETH’s breakout was successful, bringing the cryptocurrency back to the $4,000 zone. They highlighted that ETH has remained above the $4,000 zone as support for the second week in a row, highlighting this as an important development that could pave the way for further upward momentum.
Source: Rekt Capital by X
Despite potential upside, ETH traders remain cautious
While strengthening fundamentals, bullish technical indicators, and sustained ETF inflows point to a positive outlook for Ethereum, some analysts are cautiously optimistic about ETH's near-term price trend. Some people are.
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For example, analyst CryptoBullet highlighted that ETH could quickly rise to $3,700 before rebounding. The analyst added that ETH's ability to sustain above key resistance levels is indicative of its strong bullish momentum.
Another factor that could dampen short-term optimism is Tron (TRX) founder Justin Sun, who recently unsked $208 million worth of ETH from Lido Finance. The move raises concerns about potential selling pressure. ETH is trading at $3,947 at the time of writing, down 0.2% in the past 24 hours.
ETH is trading at $3,947 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash, SoSoValue, X, chart from TradingView.com
