ETH hopes to hit new annual high as whale and institutional holdings rise

Ethereum ETFs' inflow streak reached 12 days as whale holdings rose 340K ETH.

ETH options indicate neutrality despite spot market bullishness.

After rebounding from $3,550, Ethereum targets a new annual high.

After breaking resistance at $3,550, Ethereum (ETH) rose 6% on Wednesday. The spot market reveals institutional investors and whales were positive, maybe buying ETH at cheaper prices during the current slump.

Ethereum ETFs and exchange flows are optimistic.
According to Coinglass statistics, US spot Ethereum ETFs saw $305.7 million inflows on Tuesday, extending their streak to twelve days. Their cumulative flows are $1.87 billion due to steady inflows.

Notably, BlackRock's iShares Ethereum ETF (ETHA) has received over $1.05 billion in eight straight days, bringing its total flows to above $3 billion. ETHA is one of the top four ETF debuts of 2024 despite launching in the third quarter.

The latest price drop led investors to withdraw roughly 130K ETH from exchanges in the previous week.

Whale holdings rose by 340K ETH. Bulls may have jumped on the ETH fall to purchase it cheaply.

Sean Dawson, director of research at crypto options exchange Derive, said on Tuesday that the possibility of ETH breaking its all-time high and reaching $5,000 by December 27 had dropped to 8% from 16%.

"The trading of calls and puts for ETH is evenly distributed, suggesting a neutral market sentiment," he stated.

Ethereum Price Forecast: ETH targets new annual high
ETH recovered from $3,550 support to $3,730. The top altcoin is trying to break a November 2021 declining trendline.

If ETH maintains strong volume above this declining trendline, it might revisit $4,093 annual high resistance.


The preceding four days' selling activity washed out most sellers at $4,093, allowing ETH to break over. Failure to break this resistance will make it a big selling milestone for traders and drive ETH toward $3,550 support.

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