Ethereum's price increased by over 19% in the last week, drawing attention from traders monitoring its future movements. We examine key factors influencing its price dynamics.
Breakthrough of $4000
Ethereum broke the $4000 resistance level for the first time since December 2022, marking a rise to a weekly high of $4329. As of now, the price is $4303, corresponding to an increase of over 19% in the last seven days. The rally has increased its year-to-date gain to 190%, remaining 7.2% above December 2022 levels.
Record ETF Inflows
Spot Ethereum ETFs recorded a record $1 billion in net daily inflows, the highest total since their inception. The sudden surge in inflows after two quiet weeks indicates a shift in investor sentiment towards the asset, which could support further price appreciation.
Impact of Macroeconomic Factors
This week, traders will be monitoring significant economic data from the U.S., which could heavily influence risk assets like Ethereum. Expected releases include the July CPI, PPI, and retail sales data. If inflation shows signs of easing, it may support expectations for Federal Reserve rate cuts, making risk assets more attractive to investors.
Ethereum demonstrates resilient growth; however, amid macroeconomic changes and trader behaviors, the market may face internal corrections. Investors' focus will be on key economic data in the coming days.
