NEWSLETTER
ethereum price has pulled back in recent weeks despite having some positive exchange-traded funds and betting inflows.
ethereum (eth) was trading at $3,400 on December 29, a drop of more than 17.2% from its highest level this month. This pullback came as ethereum continued to see strong fundamentals.
Data by <a target="_blank" href="https://sosovalue.com/assets/etf/us-eth-spot” target=”_blank” rel=”nofollow”>SoSoValue shows that daily receipts increased by $47.7 million on Friday. The funds have had inflows in the last four consecutive days with two days of outflows in the last 25 days.
Cumulative net inflows into these ETFs have amounted to more than $2.68 billion, bringing total net assets to more than $12.1 billion. The BlackRock ethereum ETF has seen the most inflows, bringing its total assets to $3.58 billion.
Grayscale, Fidelity, and Bitwise also offer eth funds.
Meanwhile, data from IntoTheBlock shows that more investors are betting on ethereum. The cumulative eth sent for staking increased to 55.18 million eth. The betting market capitalization has increased to $114.95 billion, with an average reward rate of 3.06%.
<img loading="lazy" decoding="async" width="3222" height="1300" src="https://crypto.news/app/uploads/2024/12/eth-staking.jpeg” alt=”eth Staking Volume”/>
Staking is a process in which ethereum holders delegate their tokens to secure the network. In turn, they are paid using their rates, which have seen a slow upward trend in recent years.
According Token Terminalethereum generated more than $2.4 billion in 2024, making it the second most profitable network in the sector after Tether.
Some analysts are optimistic that ethereum price could recover in the short term. In a post <a target="_blank" href="https://x.com/TraderTmv/status/1872840482738577693″ target=”_blank” rel=”nofollow”>TMVA widely followed expert predicted that the currency would recover after completing the fourth section of the Elliot wave, a unique pattern that identifies five stages that assets pass through.
The fourth wave tends to be bearish, while the fifth wave tends to be bullish.
ethereum Price Analysis
<img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/12/ethereum-price-5.png” alt=”ethereum price”/>
The daily chart shows that eth price has pulled back after encountering substantial resistance at $4,000, the extreme excess of the Murrey math lines.
The coin has moved slightly below the strong reversal point at $3,437. It has also remained above the 100-day moving average, while the accumulation/distribution indicator has risen, a sign that investors are buying.
Therefore, technical elements including the Elliot Wave pattern could rally in the coming weeks. If this happens, the next target will be $3,750, the final resistance point of Murrey's mathematical lines.
