Ethereum (ETH) has been making waves in the crypto market, with ETF inflows flipping the usual script and on-chain trends pointing upwards. Big players on Wall Street are quietly piling into ETH, outpacing Bitcoin in terms of investment.
In a recent single-day haul, ETFs acquired $461 million worth of ETH products, compared to $404 million for BTC, according to Arkham Intelligence. Institutional giants like BlackRock, Fidelity, and Grayscale led this surge, with BlackRock alone scooping up $250 million in ETH.
This influx of institutional investment marks one of the strongest single-day buying waves for ETH this year. Additionally, Glassnode data shows a sharp rise in first-time buyers and momentum traders, indicating growing demand for Ethereum. Conviction buyers, who are raising their cost basis despite elevated prices, are also on the rise, signaling a deepening market commitment.
As ETH edges towards a breakout zone, open interest in Ethereum’s derivatives market is at a yearly high of $51.61 billion. Despite a minor pullback, ETH is currently trading at $4,190, above its 9- and 21-day EMAs. Momentum indicators like RSI and MACD are also showing a bullish bias.
With less than $700 to reclaim its all-time high of $4,891, ETH’s current structure suggests a potential shot at price discovery this year. However, profit-taking could slow the climb before any decisive breakout.
Overall, the outlook for Ethereum looks positive, with institutional interest, new buyers entering the market, and strong technical indicators pointing towards a potential upward trajectory for ETH. As the crypto market continues to evolve, Ethereum remains a key player to watch for potential growth and price appreciation.