Ethereum’s price has been pretty flat lately, hinting that its recent surge might be slowing down. It’s only dropped a little over the past day or two, but the overall picture is one of consolidation.
Big Money Flows Into Ethereum ETFs
But here’s the interesting part: despite the price wobble, a lot of money is still pouring into Ethereum ETFs. Lookonchain data shows that US-based Ethereum ETFs saw a massive influx of 36,439 ETH (around $92 million) on July 4th alone! This follows a similarly impressive $148.57 million inflow on July 3rd. It was a really good week for ETF inflows, with only one day showing a small outflow.
The iShares (BlackRock) Ethereum Trust was the biggest winner, adding a whopping 32,987 ETH ($83.46 million). They now hold over 1.81 million ETH, worth over $4.57 billion! Grayscale’s Ethereum Mini Trust also saw some gains, while their larger Ethereum Trust saw a small dip. Other players like VanEck, Bitwise, and Fidelity also reported positive inflows for the week. In total, over the past seven days, Ethereum ETFs have seen a net inflow of 76,892 ETH (roughly $194.54 million). This shows strong institutional confidence in Ethereum, regardless of the short-term price fluctuations.
Ethereum Price: Awaiting a Breakout?
Technically, Ethereum’s price is consolidating. It’s currently hovering around $2,500, above a support level of $2,400 but below resistance at $2,600. Over the past week, it’s stayed within a pretty tight range, ending with a roughly 4% gain.
Some technical analysis suggests a “wedge pattern” might be forming. This could mean a possible breakout above $2,600 and $2,800, potentially leading to a rally towards $4,000. However, a drop below $2,200 could trigger a fall to around $1,750. It’s a bit of a waiting game to see which way it breaks.
