|

Ethereum Weekly Forecast: ETF buying, staking inflows, network growth boost prices

Ethereum price today: $3,280

  • Ethereum ETFs could be on track for an all-green week after recording four consecutive days of net inflows totaling $474.4 million.
  • Ethereum's total transaction count has set a new record, while active addresses have reached nearly a six-year high.
  • ETH could leap toward $5,000 if it clears the $3,470 and $3,670 resistance levels.

Ethereum (ETH) saw renewed buying activity this week after a slight decline last week. Buoyed by strong inflows into ETH exchange-traded funds (ETFs), rising staking balances and expansion in network activity, Ethereum is showing signs of a comeback jumping 5% so far this week. However, it continues to face pressure near key resistance levels and Exponential Moving Averages (EMAs).

Why Ethereum jumped 5% this week

US spot-listed ETH ETFs are on track to end the week without any day of outflows after drawing in $474.4 million across four consecutive days of net inflows — their longest streak since last November, per SoSoValue data.

The move spiraled into the traditional crypto market where 175K ETH flowed from exchange reserves to private wallets, according to CryptoQuant data.

At the same time, the supply of staked ETH alongside the validator entry queue skyrocketed to new highs. Total staked ETH climbed to nearly 36 million, while the entry queue surged to 2.54 million ETH.

ETH Validator Queue. Source: Validatorqueue.com

A majority of the staking inflows stem from Ethereum treasury firm Bitmine, which has staked 1.68 million ETH over the past month.

Meanwhile, Ethereum network activity has been growing at record levels over the past few weeks. Total transaction counts have set a new record, while active addresses have reached a nearly six-year high.

ETH Month-over-Month Activity Retention. Source: Glassnode

The growth is largely driven by a surge in new addresses rather than existing users. Over the past 30 days, the blockchain's MoM activity retention reveals a sharp rise in the "new" cohort, which tracks wallets interacting with the network for the first time.

Ethereum Price Forecast: ETH could approach $5,000 if it breaks the $3,670 resistance

Ethereum saw $32.6 million in futures liquidations over the past 24 hours, led by $25.7 million in short liquidations, per Coinglass data.

ETH is trading in an ascending triangle pattern on the weekly chart. On the downside, the top altcoin is supported by an ascending trendline extending from November 17. A move below the trendline could see ETH find support at $2,890.

ETH/USDT weekly chart

On the upside, ETH could leap toward $5,000 if it rises above the 20-week Exponential Moving Average (EMA) and clears the $3,470 and $3,670 resistance levels. The target is obtained by measuring the triangle's height and projecting it upward from a breakout level.

The Relative Strength Index (RSI) is testing its neutral level, while the Moving Average Convergence Divergence (MACD) histogram bars are receding, though they remain in negative territory. The move suggests a declining bearish momentum.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

More from Michael Ebiekutan
Share:

Editor's Picks

Dash Price Forecast: DASH defies headwinds, paces toward $100

Dash extends its rally, reaching an intraday high of $96.85 despite the broader crypto market correcting. Retail interest in DASH explodes as futures Open Interest soars to $165 million.

XRP slides below 50-day EMA as selling pressure intensifies

Ripple is edging lower toward the pivotal $2.00 level at the time of writing on Friday, marking three consecutive days of declines. The sell-off extends across the crypto market, with Bitcoin falling toward $95,000 and Ethereum pressing down on support at $3,300.

Pi Network consolidates as momentum shift flashes downside risk

Pi Network (PI) is trading near the $0.2000 psychological support level at press time on Friday, extending its nearly month-long consolidation. Large deposits over centralized exchanges accepting PI tokens suggest a sell-side bias among holders.

Crypto Today: Bitcoin, Ethereum, XRP hold support amid waning retail demand

Bitcoin slips but holds above $95,000, weighed down by declining retail demand. Ethereum trades narrowly between the 100-day EMA support and the 200-day EMA resistance.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC bulls remain strong amid institutional demand, risk-on sentiment improves

Bitcoin (BTC) price holds above $95,500 at the time of writing on Friday after rallying more than so far 5% this week. The rising institutional and corporate demand supports the bullish price action in BTC.