⚠️ Ethereum Drops While Bullish Sentiment and ETF Inflows Climb
Ethereum ETFs received $148.5 million on Thursday, putting them on pace for eight weeks of net inflows.
Positive regulatory developments for Ethereum have traders expecting a price rise over $3,000.
ETH may plummet below $1,750 as it approaches a death cross.
Ethereum (ETH) fell 3% on Friday despite US spot ETH ETFs surpassing eight weeks of around $2 billion inflows. After public corporations boosted Ethereum treasury allocations and US stablecoin legislation advanced, large inflows followed.
US spot Ethereum ETFs are on course to extend their winning run to eight weeks after posting $148.57 million in net inflows on Thursday, their second-highest daily inflow since February, according to SoSoValue. If net flows on Friday are positive, products might exceed $2 billion in total flows in these eight weeks.
They're seeing substantial inflows due to Ethereum ecosystem improvements, including Robinhood's first offering of tokenized US equities on Arbitrum Layer 2 (L2).
Publicly listed firms like SharpLink Gaming (SBET), the biggest ETH holder, are adopting Ethereum-focused treasury policies. BitMine recently prioritized Ethereum treasury above Bitcoin mining.
During Crypto Week on July 14, the House of Representatives will debate the GENIUS stablecoin bill and crypto market structure bill.
"About 80% of July ETH call open interest is over $3K. Almost 30% are strikes above $3.5K. Derive Head of Research Sean Dawson noted that the market expects a breakout.
Ethereum Price Forecast: Key SMA rejection, 35% drop upon death cross.
Coinglass data shows $56.82 million in Ethereum futures liquidations in the previous 24 hours, including $47.02 million in long liquidations and $9.80 million in short liquidations.
After two months of holding between $2,100 and $2,850, ETH's weekly Simple Moving Averages (SMAs) are indicating a negative signal after rejecting an upward advance around $2,600.
