Ethereum's price currently remains steady, fluctuating within a tight range. The market is witnessing a tug-of-war between buyers and sellers.
Factors Influencing Ethereum Price
In recent days, Ethereum has maintained heavy network activity despite a slight decline in daily transactions and moderate gas usage. In the early days of the month, Ethereum recorded about 1.23 million transactions, representing almost a 3.7% drop from 1.28 million. However, the levels have remained 8% higher year-over-year.
Price Forecasts for Ethereum in July
As the price of Ethereum consolidates within a narrow range, it appears that the token is gearing up for significant price action in the long term. The current price movements may seem uncertain, but the weekly charts suggest a potential breakout.
Institutional Investments and Market Activity
Recently, there has been a noteworthy increase in large holders withdrawing ETH from exchanges. Last week, Ethereum-focused investment products recorded a $226 million inflow, doubling the inflow rates seen with Bitcoin and confirming strong institutional sentiment.
The stability of Ethereum in the current environment and the rise in institutional investments may signal significant changes in prices moving forward.
