Ethereum spot exchange-traded funds (ETFs) have logged 16 consecutive days of positive daily inflows, renewing optimism for ETH\u2019s potential new all-time high (ATH) in the coming weeks. However, for ETH to reach this milestone, it must surpass the critical resistance level of $4,000.<\/p>\n
According to data from SoSoValue, Ethereum spot ETF inflows have remained consistently positive since November 22. The cumulative net inflows total $2.32 billion, with a significant $1.5 billion added between November 22 and December 16 alone.<\/p>\n
Breaking it down by weekly inflows, the week ending December 13 saw net inflows of $854.85 million, closely followed by $836.69 million during the week ending December 6. Moreover, the total net assets held by Ethereum ETFs have climbed to $14.28 billion, which represents approximately 2.93% of ETH\u2019s total circulating supply.<\/p>\n
Grayscale\u2019s Ethereum Trust (ETHE) ranks as the largest holder with $5.87 billion in net assets, followed by Blackrock\u2019s iShares Ethereum Trust (ETHA) with $4.02 billion. These strong inflows into Ethereum ETFs have bolstered bullish sentiment, with Ethereum bulls anticipating a possible rally to a new ATH for the second-largest cryptocurrency by market cap.<\/p>\n
Crypto analyst Momin Saqib took X to share his thoughts on ETH price action. The analyst noted<\/a> that ETH looks poised to break through the local highs of the $4,000 range and is eyeing the $4,500 price level. He added:<\/p>\n Ethereum inflows have been coming in non-stop for the last few weeks! After seeing $BTC at $107K\u2026. I think institutions don\u2019t have much options left to bet on higher upside of crypto industry! Higher!<\/p>\n Looking at Ethereum\u2019s weekly chart, the digital asset has made four significant attempts to break through the $4,000 resistance level. While it briefly surpassed this level during its second attempt, creating its current ATH of $4,878, it ultimately proved to be a false breakout, followed by a prolonged bear market over the next two years.<\/p>\n Analyst Rekt Capital noted that ETH\u2019s post-breakout retest of the $3,100 price level was successful, propelling the cryptocurrency back into the $4,000 zone. They highlighted that ETH has held above the $4,000 zone as support for the second consecutive week, a key development that could pave the way for further upward momentum.<\/p>\n While strengthening<\/a> fundamentals, bullish<\/a> technical indicators, and persistent ETF inflows paint a positive picture for Ethereum, some analysts remain cautiously optimistic about ETH\u2019s short-term price action.<\/p>\n For instance, analyst CryptoBullet emphasized<\/a> that ETH may see a quick wick to $3,700 before rebounding. The analyst added that ETH\u2019s ability to hold above key resistance levels indicates its strong bullish momentum.<\/p>\nDespite The Potential Upside, ETH Traders Remain Cautious<\/h2>\n