The Ethereum price has rebounded in the past few weeks despite some positive ETFs and inflows.

Ethereum (Ethereum) was trading at $3,400 on December 29, down more than 17.2% from its high this month. This pullback occurred as Ethereum continues to see strong fundamentals.

Data by SoSoValue It shows that daily flows jumped by $47.7 million on Friday. the Money had inflows In the last four consecutive days with two days of outflows in the last 25 days.

The cumulative net flows of these ETFs have now reached more than $2.68 billion, bringing total net assets to more than $12.1 billion. The BlackRock Ethereum ETF received the most inflows, bringing its total assets to $3.58 billion.

Grayscale, Fidelity, and Bitwise also offer ETH funds.

Meanwhile, data released by IntoTheBlock shows that more investors are betting on Ethereum. The total ETH sent for staking has risen to 55.18 million ETH. The market value of the stakes rose to $114.95 billion, with an average reward rate of 3.06%.

Staking is a process in which Ethereum holders delegate their tokens to secure the network. They in turn are paid using its fees, which have been on a slow upward trend in the past few years.

according to TokenTerminalEthereum generated over $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 bounce back in the near term. In X post, TMVOne famous pundit predicted that the currency will rebound after completing the fourth section of the Elliott Wave, which is a unique pattern that identifies five stages that assets go through.

The fourth wave is usually bearish, while the fifth wave tends to be upward.

Ethereum price analysis

The daily chart shows that ETH price pulled back after finding significant resistance at $4,000, the extreme crossing of the Murrey Math Lines.

The coin moved slightly below the strong pivot reversal point at $3,437. It also remained above the 100-day moving average, while the accumulation/distribution index rose - a sign that investors are buying.

Therefore, technical indicators, including the Elliott Wave pattern, could bounce back in the coming weeks. If this happens, the next target will be $3,750, which is the final resistance point for the Mori Math lines.