The tide may finally be turning for Ethereum. After eight weeks of relentless outflows, U.S.-listed Ethereum ETFs just clocked their biggest daily inflows in nearly three months — a sign that confidence could be returning to the ETH ecosystem.
According to data from SoSoValue, nine spot Ethereum ETFs in the United States netted $38.74 million in inflows on April 22. That’s the strongest one-day capital surge since February 4, when they attracted over $307 million. Until now, April had been marked by sluggish ETF activity and bearish investor sentiment.
The breakout performance was largely driven by Fidelity’s FETH, which pulled in $32.65 million, while Bitwise’s ETHW followed with $6.09 million. The rest of the Ethereum ETFs remained mostly flat, showing zero movement for the day. Overall, Ethereum-focused ETFs have now amassed a total of $2.26 billion in assets since their launch.
ETH Price Rebounds With Momentum
The ETF spike was well timed with a 10% rally in Ethereum’s price, which surged past $1,700 for the first time since April 6 and briefly touched $1,800 the next day. That marks a 14.2% gain in just two days.
What’s behind the sudden bullishness? Several macro tailwinds seem to be at play:
- Treasury Secretary Scott Bessent’s hints at softening U.S.–China tariff tensions
- Heightened criticism of Fed Chair Jerome Powell by President Trump
- Market optimism around Paul Atkins’ SEC appointment, which is seen as crypto-friendly
These developments appear to be fueling a broader shift toward crypto as a hedge, especially as the U.S. dollar weakensand inflation concerns persist.
Ethereum Still Faces Key Technical Hurdles
Despite the upbeat sentiment, some analysts are cautious. According to crypto.news, Ethereum needs to break past the $2,000 resistance and form a higher high to confirm a true reversal. Otherwise, this could just be another temporary bounce in a larger downtrend.
Market analyst Ash Crypto posted on X, saying ETH’s current structure closely mirrors Bitcoin’s bullish breakout in late 2024, suggesting that ETH could be on the cusp of another significant rally — but it’s not a done deal yet.
A Decoupling from Traditional Markets
Interestingly, Ethereum’s rally comes amid a broader shift in market behavior. Bitcoin has surged to $93,385, pushing the total crypto market cap back above $3 trillion. Meanwhile, the S&P 500 and U.S. dollar index are both down around 5% for April, while gold is up 6.7%. This suggests a decoupling from traditional risk assets, with crypto once again stepping into its role as a macro hedge.
Ethereum’s price recovery and the spike in ETF inflows could mark a pivotal moment for the second-largest crypto asset. If ETH can clear the $2,000 barrier with volume support, we might be looking at the beginning of a fresh bullish phase. But if resistance holds, caution will remain the name of the game.
