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- Why did the price of Ethereum increase by 5% last week:
U.S. exchange-traded funds (ETFs) (ETH) listed on the spot market are heading toward ending the week without any outflow days after attracting $474.4 million over four consecutive days of net inflows — the longest streak since November, according to SoSoValue data.
This move has led to a surge in the traditional cryptocurrency market, where 175,000 Ethereum have been transferred from exchange reserves to private wallets, according to CryptoQuant data.
Meanwhile, the amount of Ethereum deposited has risen in tandem with the validator queue to new all-time highs. Total deposited Ethereum is nearly 36 million, while the validator queue size has increased to 2.54 million ETH.
Ethereum validator queue. Source: Validatorqueue
Most of the storage inflows come from Bitmine, a company specializing in Ethereum vaults, which stored 1.68 million ETH last month.
Meanwhile, the Ethereum network has experienced record growth in activity over the past few weeks. The total number of transactions hit a new all-time high, while active addresses reached their highest level in nearly six years.
Monthly Ethereum activity retention rate. Source: Glassnode
This growth is largely driven by a massive increase in the number of new addresses rather than existing users. Over the past thirty days, monthly network activity retention data (MoM) showed a sharp rise in the "new" category, which includes wallets interacting with the network for the first time.
Ethereum experienced futures liquidation worth $32.6 million over the past 24 hours, led by short positions liquidations of $25.7 million, according to Coinglass data.
Ethereum (ETH) is trading within an ascending triangle pattern on the weekly chart. If its price declines, it is supported by an upward trendline extending from November 17. A drop below this trendline could find support at the $2890 level.
Weekly chart of ETH/USDT pair
On the other hand, Ethereum (ETH) could rise to $5000 if it breaks above the 20-week exponential moving average (EMA) and surpasses resistance levels at $3470 and $3670. This target is determined by measuring the height of the triangle and projecting it upward from the breakout point.
The Relative Strength Index (RSI) is testing the neutral level, while the moving average convergence divergence (MACD) histogram bars are declining, although they remain in the negative zone. This movement indicates a slowdown in bearish momentum.