Ethereum ETFs have once again made headlines alongside Bitcoin, with the latest outflows sending traders into a tizzy. While ETH price has recorded a recovery to $3,400 earlier today, it was trading at $3,339.6 at press time. Notably, Ethereum whales are actively betting on the largest altcoin by market cap.
Amid this, many are questioning if the crypto market can witness a recovery or if another major pullback looms. Some have even hinted at yesterday’s crash as a potential start of the bear market, which has raised discussions among traders. Now, market pundits have shared key insights on the potential future movements of the coin, highlighting the key support and resistance levels for Ethereum price.
ETH Price Jumps Despite Ethereum ETF Outflow
Ethereum price today has recorded a surge of around 3% and exchanged hands at $3,389, while its trading volume fell nearly 50% to $38 billion. Notably, the crypto has touched a 24-hour high and low of $3,479 and $3,275, respectively. ETH price had slipped to as low as $3,000 on Wednesday, amid massive selling pressure recorded in the broader crypto market.
However, today’s recovery indicates that investors are regaining confidence in the top altcoin. Meanwhile, the surge comes despite a continuing outflow into the US Spot Ethereum ETF. The investment instrument saw an outflow of $118.5 million on November 5, with BlackRock’s ETHA contributing the highest loss of $146.6 million. GrayScale’s ETH and Fidelity’s FETH recorded inflows of $24.1 million and $3.5 million, respectively.
According to Farside Investors’ data, the Ethereum ETF has continued to record outflows over the last six days through Wednesday. Since October 29, the combined outflow into the investment instrument totaled $837 million. BlackRock’s ETHA contributed the highest to the draining fund, reporting an outflow of $496 million over the past five days.
Ethereum Whales to the Rescue?
Despite continued outflows from US Spot Ethereum ETF, it appears that ETH whales are actively buying the dip. In a recent X post, the leading on-chain transaction tracking platform, Lookonchain, highlighted this trend. Lookonchain noted that only this week, a flurry of large investors or whales have accumulated 394,682 Ethereum.
The transactions, valued at around $1.37 billion, suggest that the latest dip has allowed traders to enter the market at a discounted price. This also reflects their long-term confidence in the asset. As Ethereum price still trades below its local top, it might attract more traders in the near future, potentially helping in a strong recovery for the asset.
However, it seems that market pundits are still cautious, given the hovering uncertainties in the market. For context, in a recent X post, analyst Crypto Feras said that Ethereum price must reclaim the $3,900 mark to invalidate the bearish market sign.
On the other hand, expert CryptoUB noted that the $3,481 level is critical for the altcoin now. If it manages to break through this mark, it could help in a continuing rally for the asset.
Considering all these factors, it seems important for the Ethereum ETF to regain momentum to confirm sustained institutional interest. This, along with the continuing bets from ETH whales, could trigger a robust recovery in Ethereum price.