Ethereum price continues to show sustained growth, reaching $3740. This rise is attributed to increasing institutional interest and a rise in ETF inflows.
Ethereum Price Growth Driven by ETF Inflows
On July 25, Ethereum saw a 6% increase in price, closely linked to a record surge in ETF inflows. On that day, Ethereum ETFs registered a net inflow of $452.8 million, with $440.1 million coming from BlackRock's fund.
Whale Activity Surge
Analyst Ali Martinez highlighted an increase in large Ethereum holders, noting that 170 new whale addresses holding over 10,000 ETH have joined the network in the past month, indicating growing institutional interest.
Testing a Multi-Year Trendline
On the weekly price chart of Ethereum, there is an attempt to break a 3.7-year descending trendline. A weekly close above this line could likely lead to a sustained upward trajectory.
Current price movements of Ethereum, coupled with increasing institutional interest, may lead to significant market fluctuations, with analysts forecasting further price increases.
