ethereum spot exchange-traded funds broke a crucial record as their inflows continued to rise.
ethereum (eth) ETFs have seen inflows for the last 16 consecutive days, breaking a personal record. Net inflow on Friday, December 14, amounted to more than $23.6 million, bringing the total amount since its inception to more than $2.26 billion.
According to SoSoValue, all ethereum spot ETFs have more than $13.7 billion in assets. The Grayscale ethereum ETF remains the largest at over $5.6 billion.
It is followed by the iShares ethereum Trust ETF, the Fidelity ethereum Fund, the Bitwise ethereum ETF, the VanEck ethereum ETF, and the Franklin ethereum ETF.
One reason for the inflows is growing hope that the U.S. Securities and Exchange Commission will allow gambling. Such a move would mean that ETF holders would benefit as the price of the coin and staking reward rises. Data <a target="_blank" href="https://www.stakingrewards.com/asset/ethereum-2-0″ target=”_blank” rel=”nofollow”>By StakeRewards shows that the return on the bet is 3.26%.
These inflows have come at a time when ethereum is doing well. Its price is around $4,000 and is only 25% below its all-time high of $4,870. It is up 153% from its 2023 lows.
On-chain metrics are also encouraging. Data by <a target="_blank" href="https://app.intotheblock.com/coin/eth/deep-dive?group=exchanges&subgroup=on-chain-flows&chart=all” target=”_blank” rel=”nofollow”>on the block shows that the number of active eth addresses has risen to over 122.7 million, the highest level in months.
More data shows that ethereum whales are gaining market share. Whales own about 43% of all ethereum coins, up from about 22% in November, a sign that they are bullish on the coin.
<img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/12/ethereum-Whales.png” alt=”ethereal whales”/>
ethereum Price Analysis: Can eth Reach $5,000?
<img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/12/ethereum-price.png” alt=”ethereum price”/>
In a recent note, <a target="_blank" href="https://x.com/cryptoquant_com/status/1867651896317784461″ target=”_blank” rel=”nofollow”>CryptoQuant predicted that the eth price was on its way to $5,000, citing supply and demand dynamics.
On the weekly chart, we see that eth price has risen and found a strong barrier at $4,092. It has failed to cross that level twice before: in March and May.
Ether has remained above the 50- and 200-week moving averages and the 23.6% Fibonacci retracement level. Therefore, eth needs to break the $4,092 resistance to invalidate the triple bottom chart pattern.
A move above that resistance will take it to the all-time high of $4,877 and the key $5,000 level. It needs to rise only 25% to reach $5,000, which can be achieved if the cryptocurrency bull run continues.
