Ethereum was trading around $3,340 as US-listed spot ETH ETFs recorded approximately $130 million in net inflows on Tuesday, the largest in nearly a week, with BlackRock’s ETHA leading the inflows by about $53.3 million after four days of outflows. The renewed institutional interest followed softer-than-expected December CPI data, helping crypto prices regain momentum. The market also saw a surge in Ethereum’s on-chain staking activity, with the validator entry queue swelling to 2.34 million ETH, its highest since August 2023, while the exit queue collapsed to 288 ETH. Total staked ETH climbed to a record 35.89 million ETH, according to ValidatorQueue.com.
Bitmine contributed a sizable stake of 186,560 ETH on Wednesday, part of a monthly total of about 1,530,784 ETH staked, per Lookonchain data. A Bitcoin whale with a 203,340 ETH long position on Hyperliquid has moved into profit, now sitting on more than $37 million in gains after recent price gains, compared with a prior loss of around $74 million when ETH dipped to under $2,800 last month. In derivatives, buyers regained dominance in Binance’s Ethereum market after a period of seller-dominated volumes as network activity surged. Over the past 24 hours, Ethereum recorded about $228 million in liquidations, including $197 million in short liquidations, per Coinglass.
After a 7% rally on Tuesday, ETH is testing the 200-day EMA and eyes a move toward the $3,470 resistance; a break above could open a path to around $3,670. If the rally stalls, support around the 20-day EMA and a nearby $2,890 level could provide a base. Technical indicators show the RSI rising above neutral while the Stochastic Oscillator sits in overbought territory, suggesting bullish momentum may endure in the near term but a pullback is possible.
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