Ethereum continues to demonstrate strong growth, reaching a new trading volume record in July, indicating rising investor interest.
Ethereum Trading Volume in July
In July, Ethereum's trading volume reached $214.44 billion, marking a new yearly high. Data confirms that this growth is not a result of capital rotation from Bitcoin but is driven by new inflows. Despite minor market pullbacks, investor confidence in Ethereum remains robust.
Market Analysis and Accumulation
On-chain analysis shows strong buying activity, such as Donald Trump's purchase of $1.01 million in ETH. Publicly listed company BitMine Immersion added 58,224 ETH worth over $224 million to its balance sheet. Additionally, Standard Chartered suggests corporate treasuries could eventually own 10% of all ETH.
Ethereum Forecasts and Trends
According to Ted Pillows' analysis, Ethereum's current price behavior has entered the 'Sign of Strength' phase of the Wyckoff pattern. ETH recently cleared the 'Spring' and 'Test' phases and is now consolidating near the resistance zone at $4,085. If this resistance breaks, price action could rapidly escalate towards $5,000. Institutional accumulation and the absence of net outflows since July 2 also support bullish sentiment for Ethereum.
Thus, Ethereum is showing strong growth and accumulation from both institutional and individual investors. It is expected that with continued positive inflows and a stable price, ETH will maintain its momentum and may soon retest its all-time highs.
