ETH Ethereum Rebound to $3,375, the bullish trend indicates that ETH Ethereum may rebound to $5,232 amid decreasing CEX supply and decreasing ETF inflows.

As open interest reaches a new all-time high, ETH whales are repositioning themselves to embrace the altcoin season; on-chain data shows strong demand for US spot ETH ETFs (such as BlackRock).

In the past two weeks, the price of Ether (ETH) has retreated by more than 15%, trading at around $3,375 during the European morning session on Friday, December 27th. As a result, the large altcoin with a total valuation of approximately $406 billion and an average daily trading volume of approximately $23 billion has rebounded from a key support level.

As TOTAL2 has retested the previous all-time high (ATH) at around $1.6 trillion, the price of Ethereum (ETH) is expected to rebound to $5,000 soon. In addition, ETH/BTC has formed a macro reversal pattern, coupled with a bullish divergence in the weekly relative strength index (RSI).

Ethereum whales are ready to make a big splash

As Bitcoin has outperformed most large and mid-cap altcoins in the past two years, whale cryptocurrency investors have been readjusting their portfolios to prepare for the parabolic altcoin season. In addition, the open interest (OI) and trading volume of Ethereum's futures contracts recently surged to a new high of over $23 billion.