ETH rebounded from the support level of $4,500, with an analyst providing four possible market scenarios, the most optimistic target being $5,000.

Market inflows are also strong: the U.S. spot Ethereum ETF saw inflows of $3.71 billion in just eight days, with BlackRock alone accounting for $519.7 million of the inflow.

Meanwhile, exchange ETH reserves have dropped to 18.5 million coins, hitting a three-year low, indicating tight market supply and price support.