Ethereum’s Recent Price Trends and ETF Influx: An In-Depth Look
Overview of Ethereum’s Market Performance
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In the past two days, Ethereum’s price has exhibited a more muted performance, hinting at a possible slowdown in the altcoin’s recent upward momentum. Within the last 24 hours, Ethereum’s value has marginally decreased by over 1%. Data from Binance indicates a 1.22% drop, while CoinGecko reports a slightly larger decline of 1.81%. Trading volumes have primarily oscillated within a narrow price range, fluctuating between $2,478 and $2,555. However, beneath this surface-level stability, significant developments are occurring with substantial inflows into Ethereum-based Spot ETFs.
Robust Inflows into Spot Ethereum ETFs
Recent updates from the on-chain analytics platform Lookonchain reveal notable inflows into U.S.-based Ethereum ETFs. On July 4th alone, these funds experienced a net inflow of 36,439 ETH, equivalent to roughly $92.19 million. Building on this, the previous day, July 3rd, saw a phenomenal net inflow totaling $148.57 million. Over the past week, Ethereum ETFs have consistently attracted investments, with inflows recorded on four out of five days. The only exception was a minor outflow on Wednesday, July 2nd, amounting to $1.82 million.
The majority of Friday’s inflows were attributed to the iShares (BlackRock) Ethereum Trust, which acquired 32,987 ETH, translating to a value of $83.46 million. This acquisition has bolstered the fund’s holdings to a significant 1.81 million ETH, valued at over $4.57 billion. Despite the market’s overall stagnation, this continued buying spree underscores institutional investors’ growing confidence in Ethereum’s potential.
Grayscale’s Ethereum Mini Trust also saw an addition of 3,105 ETH. Meanwhile, the Grayscale Ethereum Trust (ETHE) experienced a minor outflow of 77 ETH. Other key players like VanEck, Bitwise, and Fidelity have maintained positive inflow trends throughout the week. Over the past seven days, the cumulative net inflow across all Ethereum ETFs has reached 76,892 ETH, equating to approximately $194.54 million.
Ethereum Price Consolidation: What’s Next?
From a technical standpoint, Ethereum appears to be entering a consolidation phase, characterized by its price movements over the last 48 hours. The cryptocurrency is currently hovering above a support level at $2,400, yet remains below resistance at $2,600. Throughout the week, Ethereum has mostly fluctuated within a narrow range between $2,400 and $2,630, culminating in a weekly gain of about 4%. According to CoinGecko, Ethereum has risen by 4.1% over the past week, outperforming Bitcoin’s 0.7% increase during the same period.
Technical analysis of the 4-hour candlestick chart suggests that Ethereum’s price is forming a wedge pattern. This pattern highlights critical resistance at $2,600, which, if breached, could lead to a rejection down to another support level at $2,200. Analysts are keenly watching for potential breakouts above $2,600 and $2,800, which could pave the way for a rally towards $4,000. Conversely, a dip below $2,200 might trigger a retracement to the $1,750 level.
At the current moment, Ethereum is trading at $2,515, marking a 1.3% decrease over the past 24 hours.
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