Ethereum is trading at $2,597, marking a 2.43% gain intraday. The daily trading range spans from $2,534 to $2,623. With a market capitalization of approximately $314 billion and around 120.7 million ETH tokens in circulation, Ethereum holds the #2 spot in the crypto rankings.
Latest Developments:
1. Strong Institutional Demand via Spot ETH ETFs
On July 7, U.S. spot Ethereum ETFs attracted $61.3 million in fresh inflows. Leading the charge was BlackRock’s ETHA ETF with $8.9 million in new investments. This influx underlines growing institutional confidence in Ethereum as a mainstream digital asset.
2. Macro Crypto Momentum
Ethereum, along with other major cryptocurrencies like Bitcoin and XRP, surged roughly 5.8%, fueled by positive ETF-related momentum. Additionally, Trump Media’s upcoming “Crypto Blue Chip ETF” plans to allocate 15% of its holdings to Ethereum, further integrating ETH into regulated financial markets.
Technical & Market Insights:
Ethereum has successfully crossed above the 100-hour moving average near $2,580, signaling potential upside momentum toward the $2,620–$2,650 range. Resistance may build between $2,680 and $2,700. On the downside, support zones lie near $2,550 and $2,500, where buyers may step in if profit-taking occurs.
Outlook & Strategy:
Timeframe Outlook
Short-Term Momentum from ETF inflows could push ETH toward $2,620–$2,680, with support around $2,550.
Mid-Term Sustained institutional buying, particularly through spot ETH ETFs, may drive prices closer to $3,000, assuming favorable macroeconomic conditions.
Potential Catalysts:
Approvals of spot Ethereum ETFs
Continued strong inflows into these ETFs
Increasing tokenization efforts by major asset managers like BlackRock
Risks to Monitor:
Broader market sell-offs
Profit-taking pressure
Unfavorable macroeconomic developments
Recommended Trading Approach:
Entry: Consider buying between $2,550 and $2,600
Stop-loss: Place just below $2,550 to manage downside risk
Watch for a breakout above $2,650–$2,680 to target a move toward $3,000
Keep an eye on ETF inflows and overall macro sentiment for signals
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