Ethereum once again captured investor attention, surpassing $3,300 due to rising interest in ETH-based ETFs.
Ethereum Price Surge
On July 16, Ethereum (ETH) was trading at $3,336 with a 7% daily increase. During the day, the token peaked at $3,385, signifying a substantial breakout after weeks of range-bound trading. Over the last month, ETH has risen by 30%, and its price is now only 31% below the peak of $4,878 achieved in November 2021.
Record Inflows into ETH ETFs
The demand for Ethereum-based ETFs has reached an all-time high. According to SoSoValue data, on July 16, US-listed ETH ETFs recorded net inflows of $717 million, the highest to date. These funds now hold over 4% of Ethereum’s circulating supply. The inflow was led by BlackRock with $489 million, followed by Fidelity with $113 million.
Current Market Conditions and Forecasts
Current market conditions indicate a strong upward trend, despite signs of possible exhaustion. Indicators show the market is overbought, with a relative strength index at around 79, which may lead to consolidation. If inflows hold, ETH may attempt to test the $3,500 mark. However, selling pressure may increase if the price fails to stay above $3,300.
The recent price surge of Ethereum and record ETF inflows highlight the renewed interest from institutional investors. While short-term risks of market overheating exist, the overall trend remains positive.
