For the first time since their approval, Ethereum exchange-traded funds (ETFs) have seen monthly inflows surpassing $1 billion. This marks a significant rise in institutional interest. At the same time, ETH's price climbed to $3,700, raising hopes for more gains soon.

Back in September, Ethereum ETFs had a rough month, with net outflows of -22,678 ETH. This showed weak demand from investors. But in October, things turned around dramatically. Inflows jumped to 218,878 ETH, signaling a surge in investor interest.

November kept the positive momentum going. Glassnode reported a big increase to 288,733 ETH in monthly inflows for Ethereum ETFs. This is the highest number since the ETF’s approval in July. With ETH trading above $3,700, this surge adds up to about $1.06 billion, marking a key milestone for the altcoin.

This influx of capital suggests a bullish outlook for Ethereum. Just like Bitcoin saw its price soar to new all-time highs after consistent inflows, Ethereum might be gearing up for a price rally in the short term, following a similar trend.

The Historical In/Out of Money (HIOM) metric also backs this up. HIOM tracks how holders' profits change over time. It shows the percentage of addresses that would have made or lost money if they sold at any moment.

It also reveals which side has the momentum—buyers or sellers. This gives us valuable insights into market sentiment. Typically, if fewer addresses are in profit, potential buyers might hesitate to accumulate, which signals a bearish outlook.

However, in Ethereum’s case, the ratio of profitable holders has increased. This suggests that more people might be encouraged to buy the altcoin or invest in the ETF. If this trend continues, ETH’s value could rise.

On the weekly chart, Ethereum is mirroring a previous pattern. Its price peaked at $4,891 in November 2021. A significant correction happened between February and March 2020. A similar pattern unfolded from May to November this year. With a bullish reversal already in motion, Ethereum looks ready to challenge its all-time high.

If this trend holds, ETH could potentially rise to $6,000 in a few months. But this optimistic outlook depends on ongoing institutional and retail demand. If the monthly inflows for Ethereum ETFs slow down, this prediction might not come true.