ETF inflows have flipped the usual script, on-chain trends are pointing up, and big players are quietly piling in.

But will ETH be able to sustain this breakout and go further?

ETFs are snapping up more Ethereum than Bitcoin, with a recent single-day haul of $461 million in ETH products compared to $404 million for BTC, according to Arkham Intelligence.

The surge was led by institutional titans - BlackRock scooped up $250 million worth of ETH, Fidelity added $130 million, and Grayscale followed with $60 million.

In fact, this was one of the strongest single-day institutional buying waves ETH has seen this year.

Glassnode data revealed a sharp rise in first-time buyers and momentum traders, pushing new demand higher.

Having said that, conviction buyers - those raising their cost basis despite elevated prices - also grew, signaling deeper market commitment.

On top of that, this mix of fresh inflows and seasoned holder conviction could set the stage for an aggressive leg upward if buying pressure sustains.

At press time, Ethereum's derivatives market is heating up, with Futures Open Interest sitting at $51.61 billion - near a yearly high.

Price action remained strong despite a minor pullback, with ETH trading at $4,190, above its 9- and 21-day EMAs.

Momentum indicators added to the bullish bias: RSI hovered just below overbought territory at 69.8, while MACD remained firmly positive.

With less than $700 to reclaim its $4,891 all-time high, ETH's current structure suggests a shot at price discovery this year.

Of course, profit-taking could slow the climb before any decisive breakout.