Ethereum price has reached a 6-month high, surging to $3,500 thanks to record ETF inflows and high network activity.
Record ETF Inflows Propel ETH Price to 6-Month Highs
Ethereum (ETH) price rallied over 10% in the past 24 hours and 25% over the week, hitting a six-month high of $3,481 on Binance. This price surge has been fueled by increasing institutional demand for ETFs, which saw record inflows of $727 million as of Wednesday.
High Ethereum Network Activity and Increasing TVL
The strength in ETH price is reflected in network activity, with Ethereum's active address count rising by 9.4% over the last 30 days. Weekly network fees have jumped 139%, indicating rising demand for ETH and the need for layer-2 solutions and DApps. The total value locked (TVL) in Ethereum reached a three-year high of $78.2 billion.
RSI Signals Expect ETH Price Rally to $10,000
The three-week chart shows that the relative strength index (RSI) flashed a "buy" signal back in April when it reached 40. Historically, this level has preceded significant rallies in ETH price. Analysts project that ETH could reach a price range between $7,000 and $10,000 as the RSI approaches the upper band.
Thus, the price increase for Ethereum is supported by both institutional inflows and growing network activity, creating favorable conditions for potential further growth.
