Ethereum News Today: Ethereum ETFs Bleed as On-Chain Vaults Signal Bullish Reversal

Ethereum's price action has reignited bullish speculation as the cryptocurrency tests critical support levels reminiscent of past bull market breakouts. After falling to $3,957 in late October, Ether (ETH) has shown signs of stabilization, with on-chain data and technical indicators suggesting a potential rebound. Analysts highlight a "triple bottom" pattern forming around the $3,750–$3,800 range, a classic reversal signal that could propel ETH toward $4,280 if buyers defend the zone, according to a Cryptonews report. The pattern's validity hinges on a decisive break above $4,000, a level that has historically acted as a gateway to higher targets.

The broader market context adds nuance to Ethereum's near-term prospects. While Bitcoin ETFs attracted $20.33 million in inflows during the week of October 23, according to a Coinpedia report, Ethereum ETFs hemorrhaged $127.51 million, reflecting a rotation of capital into Bitcoin. However, Ethereum's on-chain activity tells a different story. Large holders are accumulating Ether, with Glassnode data showing increased inflows into long-term wallets. This divergence between ETF flows and on-chain behavior underscores growing optimism that Ethereum could outperform Bitcoin in the coming months.

Historical parallels are fueling the bullish narrative. Ethereum's current price trajectory mirrors Bitcoin's post-halving rally in 2024, with both assets experiencing summer lows followed by sharp rebounds, according to a Bravenewcoin analysis. Analysts like Kamran Asghar have drawn comparisons, suggesting ETH could surge to $7,000–$8,000 by December—a 75–100% increase from current levels. Whale activity further reinforces this view: Richard Heart, a prominent Ethereum holder, moved $61.15 million in ETH to Tornado Cash this week, signaling strategic repositioning rather than panic selling, as noted by Bravenewcoin.

Technical analysis paints a cautiously optimistic picture. Short-term traders are eyeing the $5,900 level as a key resistance target, with the 0.5 Fibonacci retracement and 50-day EMA providing dynamic support, a point also highlighted by Bravenewcoin. The weekly chart shows Ethereum closing above critical resistance lines, maintaining a bullish bias despite recent volatility. However, sustaining this momentum will require ETH to stay above its purple trendline and key RSI thresholds. A breakdown below $3,750 could reignite bearish sentiment, but most analysts agree the triple bottom pattern increases the likelihood of a rebound.

The coming weeks will be pivotal for Ethereum. With Bitcoin ETFs stabilizing and Ethereum's fundamentals improving, the stage is set for a potential breakout. Investors are advised to monitor ETF flows, whale movements, and on-chain metrics as the market approaches critical price levels. If historical patterns hold and institutional demand continues to grow, Ethereum's $3,000 retest could indeed mark the beginning of a "huge run" toward new highs.