Ethereum recently rebounded from the $3,300 support level, setting the stage for another attempt to break out above $3,500 before 2025.
While Bitcoin hovers below $100,000, Ethereum has shown its resilience in overcoming the recent decline. With a new bullish candle and increasing institutional investments, ETH looks to challenge the $3,500 level for a breakout.
Will ETH price finally see a breakout after several failed attempts to reach the $3,500 supply zone?
Ethereum price analysis
Amid overall market volatility, Ethereum price experienced a 4.67% decline last night, forming a bearish engulfing candle and completing an evening star pattern.
The pullback tested the critical support level at $3,300. However, as the market stabilizes, Ethereum is now experiencing a bullish recovery.
Currently, the price of Ethereum is at $3,427, with an intraday gain of 3.22%. On the 4-hour chart, a large bullish engulfing candle has crossed the 20-day EMA line, indicating strengthening bullish sentiment.
Additionally, the MACD and signal lines are preparing for a bullish crossover, reflecting increasing buying pressure.
As a result, Ethereum is likely to re-challenge the overhead supply zone slightly above the psychological $3,500 level.
Ethereum ETF inflows surge to $117 million after Christmas
Ethereum’s intraday recovery is supported by strong institutional support. On December 26, US spot Ethereum ETFs recorded a net inflow of $117.09 million.
This increase in daily inflows was driven by Fidelity’s purchase of $82.96 million worth of Ethereum, followed by BlackRock’s purchase of $28.18 million and $5.95 million by Grayscale…
