The price of Ethereum has declined over the past few weeks despite some positive performance from exchange-traded funds and bet inflows.
On December 29, Ethereum (ETH) was trading at $3,400, down more than 17.2% from its highest level this month. This retreat came as Ethereum continued to see strong fundamentals.
SoSoValue data shows daily inflows jumped $47.7 million on Friday. There have been inflows on the last four days in a row, and outflows on two days in the last 25 days.
The combined net inflows of these ETFs exceeded $2.68 billion, bringing total net assets to more than $12.1 billion. The BlackRock Ethereum ETF had the biggest 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 total amount of ETH sent for staking increased to 55.18 million ETH. Market capitalization of bets increased to $114.95 billion, and the average interest rate was 3.06%.
Staking is a process in which Ethereum holders delegate their tokens to secure the network. They, in turn, are paid commissions, which have been slowly increasing over the past few years.
According to TokenTerminal, Ethereum earned more than $2.4 billion in 2024, making it the second most profitable network in the industry after Tether.
Some analysts are optimistic that Ethereum’s price could recover in the near future. In the post, TMV, a popular expert, predicted that the coin will recover after completing the fourth leg of the Elliott Wave, a unique pattern that defines five stages that assets go through.
The fourth wave is usually bearish, and the fifth wave is bullish.
Ethereum Price Analysis
The daily chart shows that ETH price has retreated after finding significant resistance at $4,000, which is the extreme overshoot of Murray’s mathematical lines.
The coin moved slightly below the strong pivot point at $3,437. It also remained above the 100-day moving average, and the accumulation/distribution indicator rose – a sign that investors are buying.
Thus, technical indicators, including the Elliott Wave pattern, may recover in the coming weeks. If this happens, the next target will be $3,750, the resistance end point of Murray’s math lines.
