Ethereum price rally stalls below $4K amid profit-taking and whale activity, with support at $3,115. Indicators suggest a momentum slowdown.

The price of ethereum, or 1 ETH, traded at $2,818.56, as of 8 a.m. ET. The highest intraday price that ethereum reached in the past year was $4,088.00 on March 12, 2024. *The return comparisons are as of 8 a.m. ET.

Ethereum's supply has flipped into a deflationary trend with the total amount of burnt ETH outpacing issuance in the past three days, per data from Ultrasound.money. If the trend continues, it could cause a notable increase in ETH's bullish momentum.

Ethereum recently broke a multi-month consolidation pattern in which its price ranged between $2,300 and $2,700 since August.

Leon Waidmann, a senior researcher at OnchainHQ, believes Ethereum is on the verge of a rally. The analysts suggest strong fundamentals, such as Ethereum’s current deflationary mechanism, support the imminent ETH upsurge.

Ethereum spot ETFs have hit a new record with $295 million in inflows on November 11, pushing the four-day total beyond $500 million. Fidelity and BlackRock ETFs led the way, capitalizing on a post-election price