ETH surged 41% in a month to $4,349, outperforming the market by 30%, but traders remain cautious. Institutional inflows hint at strong demand, with Ether reserves rising. Despite this, doubts persist about hitting $5,000 soon. Derivatives data shows a lack of bullish bets above $4,000, signaling hedging and profit-taking.ETH futures premiums remain below bullish levels despite the price surge, indicating neutral sentiment. Spot ETFs attracted $683 million in inflows, suggesting institutional interest. Options data shows a neutral sentiment, with traders not aggressively bullish but not expecting a drop below $4,000 either. Stronger institutional demand for ETH contributes to this sentiment shift.Publicly traded companies like BitMine Immersion and Sharplink Gaming have added significant amounts of ETH to their reserves, boosting overall demand. BitMine Immersion added 317,126 ETH worth $1.35 billion, while Sharplink Gaming raised $900 million to expand its ETH holdings to over $2.55 billion. Economic recession risks pose the biggest threat to ETH reaching $5,000, despite encouraging derivatives readings. Traders may gain confidence above $4,000, paving the way for further gains. Macroeconomic conditions and risk appetite, including US import tariffs and geopolitical tensions, could affect ETH’s performance. Spot ETF inflows and corporate Ether reserves continue to support ETH’s outperformance in the market.

Read more at Cointelegraph: Ethereum Price is the Highest Since 2021, But $5K Might Have to Wait for Now