Ethereum price today: $3,280
- Ethereum ETFs may be on track for an all-green week after recording net inflows totaling $474.4 million for four consecutive days.
- Ethereum’s total transaction count has hit a new record, while active addresses have reached their highest level in nearly six years.
- If ETH overcomes the $3,470 and $3,670 resistance levels, it could jump towards $5,000.
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 stake balances and an expansion in network activity, Ethereum is showing signs of a comeback with a 5% surge so far this week. However, it is facing pressure near key resistance levels and the exponential moving average (EMA).
Why did Ethereum jump 5% this week?
According to SoSoValue data, US spot-listed ETH ETFs are on track to end the week without a single day of outflows after pulling out $474.4 million in net inflows for four consecutive days – their longest streak since last November.
The move spilled over into the traditional crypto market, where 175K ETH flowed from exchange reserves to private wallets, according to CryptoQuant data.
at the same time, Staked ETH Supply The validator entry queue reached new highs as well. Total staked ETH reached nearly 36 million, while the entry queue grew to 2.54 million ETH.
The majority of staking inflows come from Ethereum treasury firm Bitmine, which has staked 1.68 million ETH in the past month.
Meanwhile, Ethereum Network activity is increasing at record levels In the last few weeks. Total transaction numbers hit a new record, while active addresses reached their highest level in nearly six years.
This growth is largely driven by an increase in new addresses rather than existing users. Over the past 30 days, MoM activity retention of the blockchain reveals a sharp increase in the “new” group, which tracks wallets interacting with the network for the first time.
Ethereum price forecast: ETH could reach $5,000 if it breaks the $3,670 resistance
According to CoinGlass data, Ethereum saw short liquidations of $25.7 million on top of futures liquidations of $32.6 million over the past 24 hours.
ETH is trading in an ascending triangle pattern on the weekly chart. On the downside, the top altcoin has been supported by a rising trendline since November 17. A move below the trendline may find support at $2,890 for ETH.
On the positive side, if ETH rises above the 20-week exponential moving average (EMA) and clears the $3,470 and $3,670 resistance levels, it could jump to $5,000. This is achieved by measuring the height of the target triangle and projecting it upward from the breakout level.
The Relative Strength Index (RSI) is testing its neutral level, while the Moving Average Convergence Divergence (MACD) histogram bars are decreasing, although they remain in negative territory. This move signals a decline in bearish momentum.
