Ether exchange-traded funds (ETFs) have set a new monthly record in December, with net inflows surpassing $2.1 billion, nearly doubling November's figures. Despite this surge, Ether's price remains in a downtrend, dropping 8.4% this month to $3,353. Some traders are profiting from this decline, with one making over $1.1 million on a leveraged short position. Analysts remain optimistic, predicting a potential rally above $3,500, which could liquidate $1 billion in short positions. Looking ahead, experts foresee Ether reaching $4,400 in early 2025, with a cycle top of $6,000 anticipated by VanEck.