Ethereum

bullish

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Large holder outflows of Ethereum have outperformed inflows, indicating potential sell pressure.</li>
 <li>Ethereum’s bearish divergence with the RSI suggests a possible pullback.</li>
</ul>
<p>Ethereum holders have been hopeful for a rally above $4,000 by the end of 2024. However, recent signs indicate a potential pullback may be on the horizon.</p>
<h2 id="large-holder-flows-and-whale-activity">Large Holder Flows and Whale Activity</h2>
<p>Despite Ethereum maintaining its bullish momentum from November, the sell pressure from large holders is increasing. This is not unexpected as the previously strong momentum appears to be slowing down.</p>
<p>In addition, data from IntoTheBlock shows a peak in large holder outflows at 647,220 ETH on December 3rd. This indicates more sell pressure from whales than demand, suggesting a bearish momentum.</p>
<h2 id="etf-inflows-and-spot-flows">ETF Inflows and Spot Flows</h2>
<p>Ethereum ETF inflows have been bullish this week but show a considerable decline compared to the previous week. On December 3rd, Ethereum ETFs had positive flows of $132.6 million, up from $24.2 million the day before. However, these inflows are significantly lower than the $332.9 million high from the previous week.</p>
<p>While this may suggest a decrease in demand, it’s important to note that demand can fluctuate daily. Despite this, the data does highlight a slowdown in bullish demand for Ethereum over the weekend.</p>
<p>On the other hand, spot flows tell a different story. They peaked at $285 million in the last 24 hours and $252.69 million on November 3rd. These positive spot flows align with Ethereum’s price action, contributing to its recovery in the last two days.</p>
<p>At the time of writing, Ethereum was trading at $3,731, recovering from the initial sell pressure observed at the beginning of the week. However, a bearish divergence with the RSI suggests a possible pullback, potentially causing the price to dip to the recent support level of $3050.</p>

Whale Profit-Taking Tempers Ethereum’s Race to $4K – What’s Next?

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