Ethereum Surges 5% Despite ETF Outflows, Whales Buy $236M

Ethereum's price experienced a notable surge this Saturday, briefly surpassing the $2,000 mark. This upward movement occurred despite continuous outflows from Ethereum ETFs over the past few days, which had raised concerns among investors. The price of ETH saw a nearly 2% increase in the past 24 hours, closing at $1,995. The cryptocurrency recovered from an intraday low of $1,937 and briefly hit a high of $2,005.

This price increase defied typical investor sentiments, given the constant outflows from ETF products. Data indicated that Ethereum recorded $102.89 million in weekly outflows from March 14 to 21. Specifically, outflows of $11.72 million, $12.41 million, and $18.63 million occurred on March 19, 20, and 21, respectively. These outflows, while significant, remained below the $20 million mark each day, leading to speculation about future market dynamics.

Despite the outflows, Ethereum's price has risen nearly 5% since it last recorded over $20 million in outflows on March 18. The asset's price increased from around $1,800 to $1,985 during this period. This price action has sparked speculation about a potential cooling of ETF outflows and further support for the price.

Recent on-chain data has also contributed to a bullish sentiment for Ethereum. Market trader and analyst 'Merlijn The Trader' revealed that whales purchased $236 million worth of ETH over the past 72 hours. This massive buying pressure suggests an optimistic outlook for future price movements and the potential for Ethereum to rebound to previous highs. Additionally, market analyst Crypto Rover noted that Ethereum reserves on exchanges hit an all-time low, indicating heightened withdrawing and rising market interest. This data suggests a potential supply shock, which could further support the price.

Despite the constant ETF outflows, the aforementioned statistics indicate that price gains are likely. If this trend continues, rising interest could also drive inflows into ETFs in the future. Market expert 'Patron' posted on X, revealing that ETH price claimed a vital support level near $1,978. A sustained break above this level, combined with the bullish factors mentioned earlier, could result in a potential 100% rally ahead. The upcoming targets remain $2,296, $2,913, and $4,000, which is nearly 100% higher than the current level.

However, it is also important to note that Ethereum's fear and greed index stood at 37, indicating that investors remain cautious despite the bullish dynamics. This caution is primarily due to macro trends and a decline in institutional interest. According to analysts' forecasts, ETH could reach $2,100.57 by 2025.