Ethereum has just had a strong surge, breaking through an important resistance level and attracting significant capital inflow from institutional investors.
Ethereum's price increased by more than 6% in 24 hours, leading the cryptocurrency market with significant appeal from the ETH-based ETF, while continuous inflows help maintain the upward momentum.
MAIN CONTENT
Ethereum broke through the resistance level of $2,750, setting the stage for the next strong price increase.
BlackRock's Ether ETF set records for trading volume and total assets under management.
Institutional capital is flowing in strongly, along with increased ETF demand supporting sustainable upward momentum for ETH.
How did Ethereum break through important resistance levels?
Ethereum's price is currently around $2,790.78, having increased by more than 6% in one day and 7.3% in the past week. Financial experts believe that breaking through the resistance zone of $2,750 will pave the way for the next wave of increases.
Although ETH's price slightly decreased by 0.2% in the last hour, the buying wave from large funds and institutional investors still maintains a positive outlook for this cryptocurrency.
How did BlackRock's Ethereum-based ETF reach a new record?
BlackRock's spot Ether (ETHA) ETF is currently the leading ETF for ETH with total assets under management of $5.06 billion, holding over 1.83 million ETH. Data from Coinglass shows that this fund has increased its holdings by an additional 45,182 ETH in the last 7 days, equivalent to 2.52%.
The trading volume on the fourth day reached a peak of 43 million shares - the highest since its launch.
The third day reached 24 million shares.
The 30-day average trading volume surged to 18.83 million shares compared to 12.97 million shares in June.
The latest net inflow reached +$158.6 million.
Total inflows into the fund since June exceeded $1.3 billion.
The inflow into the fund on the fourth day was $211.3 million.
Since the beginning of July, more than $320 million has continuously flowed into Ethereum ETFs, reflecting strong appeal from institutional investors.
"Institutional capital is strongly directed towards Ethereum through ETFs, creating a solid foundation for ETH's sustainable growth potential in the near future."
Michael Sullivan, Investment Director at FinVest Capital, June 2024
Why is Ethereum considered to be in a bullish phase?
Ethereum is expected to continue its upward trend thanks to many positive factors from the market, including an increase in trading volume, record demand for ETFs, and a new wave of investments from major financial institutions.
Strong, stable price action in the short term.
Reaching the highest demand for ETFs.
Institutional money is flowing in increasingly.
30-day average trading volume increased significantly.
The recent price surge of ETH is a testament to the real appeal from professional investors, creating momentum for ETH to reach new heights.
"As institutional capital increases, the ETH market will not only be an individual playground but will also involve long-term vision investors."
Lisa Chen, CEO of Crypto Insights, July 2024
Key parameters of the Ethereum-based ETF
Market cap index (Total assets under management) $5.06 billion Number of ETH held 1.83 million ETH Highest daily trading volume 43 million shares 30-day average trading volume 18.83 million shares Latest net inflow +$158.6 million Total inflows since June Over $1.3 billion
Frequently Asked Questions
Can Ethereum continue to rise in price? With institutional capital and the recent scale of ETFs, Ethereum has many opportunities to break through in the short and medium term. Why do Ethereum ETFs attract many investors? ETFs allow institutional investors to access ETH easily, safely, transparently, and with high liquidity. What is the current inflow into Ethereum ETFs? Currently, inflows into the Ethereum ETF have exceeded $1.3 billion since June, indicating increasing attractiveness. How is ETH's increase related to the overall market? ETH is often highly sensitive to the overall cryptocurrency market but is also supported by institutional demand through ETFs. How does the current price of Ethereum compare to resistance? ETH has broken through the resistance level of $2,750 and is maintaining above this level, paving the way for the next increase.
Source: https://tintucbitcoin.com/ethereum-etf-thu-hut-320-trieu-usd/
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