According to Deep Tide TechFlow news on July 10, as reported by Cointelegraph, ETH closed above $2700 on Wednesday and continued to maintain strong momentum on Thursday, with analysts expecting a push towards the psychological barrier of $3000.
Data analysis platform Swissblock pointed out that ETH's current trend against Bitcoin is more bullish than in the second quarter, possibly marking the beginning of an altcoin season. Analysis shows that capital inflow into Ethereum is strengthening, with its ecosystem narrative continuously enhancing, contrasting with Bitcoin's weakness.
The Chicago Mercantile Exchange (CME) Ethereum futures open interest has risen to $3.27 billion, the highest level since February 2, indicating a significant increase in institutional demand. Meanwhile, the spot ETH exchange-traded fund (ETF) has maintained net inflows for eight consecutive weeks, accumulating over 61,000 ETH during this period.
Technically, Ethereum is attempting to break through the long-term resistance range of $2650 to $2750. If successful, it will open the way to $3000. However, cryptocurrency analyst Maartunn warns that ETH futures open interest surged over 10.6% on Tuesday, indicating a rise in speculative sentiment, which historically tends to be followed by price corrections after similar leverage spikes.
