- ETH is rebounding on strong ETF inflows and reduced exchange balances
- Staking levels and new address activity are reaching record territory
- A breakout above key resistance could open a path toward $5,000, while downside support sits near $2,890
Ethereum is starting to regain its footing after a soft pullback last week. A combination of ETF inflows, rising staking activity, and a noticeable pickup in on-chain usage has pushed ETH up roughly 5% so far this week. Still, price is running into familiar resistance zones, with key EMAs continuing to act as friction for now.
Why Ethereum Is Up 5% This Week
The biggest catalyst has come from US-listed spot ETH ETFs, which are on pace to close the week without a single outflow day. Across four straight sessions, these funds attracted about $474.4 million in net inflows, marking their longest positive streak since November, based on SoSoValue data. That steady demand has helped reset short-term sentiment after last week’s dip.
The momentum spilled over into the broader market too. Roughly 175,000 ETH moved off exchanges and into private wallets, according to CryptoQuant, a pattern that often signals longer-term positioning rather than short-term speculation. Less ETH sitting on exchanges tends to reduce immediate sell pressure, even if it doesn’t guarantee upside on its own.
Staking and Network Activity Are Hitting New Highs
At the same time, Ethereum’s staking metrics have pushed into uncharted territory. Total staked ETH is now nearing 36 million, while the validator entry queue has ballooned to around 2.54 million ETH. A large share of recent staking inflows appears to be coming from Ethereum treasury firm Bitmine, which alone has staked roughly 1.68 million ETH over the past month. That kind of concentration isn’t typical, but it does highlight growing institutional-style participation.
Network activity is telling a similar story. Transaction counts have reached record levels, and active addresses are hovering near a six-year high. Interestingly, much of this growth is being driven by new users rather than returning ones. Over the last 30 days, month-over-month retention data shows a sharp rise in first-time address interactions, suggesting fresh demand entering the ecosystem, not just recycled activity.
Ethereum Price Outlook as Key Resistance Comes Into Focus
From a derivatives standpoint, Ethereum saw about $32.6 million in futures liquidations over the past 24 hours, with shorts accounting for nearly $25.7 million of that total. That imbalance hints at bears getting caught slightly offside as price pushed higher.
On the weekly chart, ETH continues to trade within an ascending triangle. The structure is supported by an upward trendline that has held since mid-November. A breakdown below that level could open the door to a move toward the $2,890 area. On the flip side, a clean push above the 20-week EMA, combined with breaks above $3,470 and $3,670, could set the stage for a run toward the $5,000 region. That target comes from the triangle’s measured move, projected from a confirmed breakout.
Momentum indicators are starting to shift, but cautiously. The RSI is testing its neutral zone, while the MACD histogram remains negative, though the bars are shrinking. That combination suggests bearish pressure is fading, not gone entirely, but losing strength.
