• ETH goes for another attempt at the $4,000 price tag as bulls resume dominance.
• Ethereum ETFs and whales demonstrate continued inflows.

Ethereum [ETH] has regained its bullish momentum in a surprising turn of events. This is despite expectations of more downside as profit-taking accelerated from its recent local high.

ETH bulls are aiming for a return above $4,000 as per their recent momentum. The cryptocurrency’s mid-week bounce back saw price rally as high as $3,950 in the last 24 hours.

The bulls have been attempting to hold their ground so far, although price slid slightly to a $3,912 press time price.

Could this also be a temporary move? The RSI signaled that the Ethereum native cryptocurrency could still embark on more downside in the coming days.

Meanwhile, the unexpected nature of the recent bullish resurgence triggered a surge in short liquidations. Roughly $187.27 million worth of shorts got liquidated in the last 24 hours.

In contrast, only $78.08 million longs got rekt during the same period.

Exploring the catalyst behind the latest ETH mid-week rally

The surprising mid-week bounce may be rooted in speculation, especially around Donald Trump.

Recent reports indicated that a company called World Liberty Financial, which is affiliated with Trump, recently embarked on a crypto buying spree.

World Liberty Financial reportedly acquired $5 million worth of ETH. Its total ETH holdings are reportedly worth over $55 million.

This acquisition may have contributed to improved sentiment, diverting from the bearish start earlier in the week. However, it was not the only ETH-related bullish news.

Ethereum ETFs have also been driving demand for the cryptocurrency, and perhaps even shielding it from more downside. ETFs maintained positive flows for the last eight days.