🔥 $ETH cae down 6% from $3,800, but ETF record keeps narrative intact
📊 Current price and clear technical structure
Ethereum is trading at $3,705, having fluctuated between $3,625 and $3,770 in the last 24 hours, according to data from Investing.com and YCharts.
The ~6% pullback from the intraday high does not break the bullish channel, and it holds above key technical support ($3,600–$3,650).
⚙️ Key factors
Ethereum's spot ETF recorded inflows of $5.41B in July, extending its streak to 20 consecutive days of inflows.
The record flows far exceed the combined totals of the previous 11 months, demonstrating institutional strength.
Glassnode projects a potential ATH of $4,900 driven by rising OI and technical optimism, even with the current correction.
🔧 Technical level of the day
📌 Key support: $3,600–$3,650
📌 Immediate resistance: $3,760–$3,820
🎯 Critical zone: holding above $3,650 could lead to a new bullish attempt towards $3,800–$4,000, while a drop below could open correction towards $3,500.
🌐 Institutional outlook / macro vision
The steady flow of institutional capital positions ETH as the premier emerging crypto asset. With a demand-supply imbalance, the narrative is strong: ETH is transitioning from a utility crypto to an asset with structural financial yield.
Would you buy ETH at the current level (~$3,650) or do you prefer to wait for a breakout above $3,760? 👇
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