🚀 $ETH on Track for Green July — BTCS Boosts Holdings to $270 Million
#Ethereum falls from $3,941 intraday amid hot markets.
BTCS buys $270 million in ETH.
Ethereum rose 53% in July, its second bullish month this year, pointing to a successful third quarter.
Monday's Ethereum (ETH) price is $3,803, down little. The top smart contract cryptocurrency by market capitalization continued its ascent to $3,941 before falling to $3,773.
Inflows of $1.59 billion into Ethereum as an alternative investment product for institutions grabbed the spotlight last week, according to CoinShares. Bitcoin (BTC) saw $175 million in mild outflows.
Ethereum may continue its climb to reach its record high of $4,878 if institutional and retail interest stabilizes in the next days and weeks.
On Monday, BTCS Inc. (BTCS) purchased 14,240 ETH at an average price of $3,850, raising its total holdings to 70,028 ETH worth $270 million.
Blockchain Technology Consensus Solutions finalized its $10 million convertible note issue at $13 per share.
BTCS has raised $207 million this year, advancing its Ethereum holdings and shareholder value goals.
In July, institutional and retail demand in ETH drove a 53% price increase. Ethereum might conclude July in the green and start the third quarter well if the rally continues or the price stabilizes.
Technical outlook: ETH bulls ignore market overheating
After cooling from $3,941, Ethereum price maintains over $3,774. This tiny drop mirrors the cryptocurrency market's mood, which has kept Bitcoin around $118,000.
Still, Ethereum is far above important moving averages including the 50-day Exponential Moving Average (EMA) at $3,032, the 100-day at $2,752, and the 200-day at $2,650, which might provide support if Ethereum dramatically reduces gains. ETH price might hit its all-time high if it breaks $4,000, which would spark risk-on attitude.
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