ETH is trading around $2,950, having recently cleared the critical $2,875–$3,000 resistance zone, signaling strong bullish momentum and confirmation from ETF-driven capital inflows. Institutional interest is surging, with BlackRock’s iShares Ethereum Trust (ETHA) alone bringing in $158 million of the $211 million that flowed into U.S. spot ETH ETFs on July 9—marking the second-highest single-day inflow in five months
From a technical perspective, ETH has formed a golden cross as its 50-day EMA crossed above the 200-day EMA—a textbook bullish signal. Momentum indicators like MACD and RSI are trending upward, though the stochastic RSI indicates overbought conditions that could trigger consolidation. Key support now lies in the $2,875–$2,950 range, and a daily close above these levels could open the door to a rally toward $4,000–$5,000
On-chain data reveals whale behavior is reinforcing confidence. A large wallet (address starting 0x208) spent 5.9 million USDC to purchase 2,000 ETH at roughly $2,952 via Cowswap just 1 hour ago—an aggressive buy that highlights accumulation at current levels . Additionally, whales have added 1.49 million ETH over the past month, the most significant accumulation since 2017, signaling deep conviction
Fundamentally, Ethereum’s exchange-traded fund ecosystem is drawing record inflows. U.S.-listed spot ETH ETFs have netted over $4.7 billion in cumulative inflows, with flows exceeding $1 billion in just the last week, reinforcing a tight supply environment
