🔴Price and Market Trends for Currency #ETH
🔸️ETH is currently trading at around $3,421, down approximately 3.5% during the session.
The price fell below the support level of $3,500 on August 2-3 due to mass selling and pressures from risk markets, including a large sale from BitMEX founder Arthur Hayes.
Despite this, there is optimism from some analysts who see the current decline as just a correction phase before a new upward move, and the price may test levels between $7,000–$8,000 this year.
🚀 Fundamental Drivers
🔸️In July, ETH rose by 48% supported by strong inflows to ETF funds and increased institutional demand.
ETFs like those launched by BlackRock and Fidelity contributed to trading volumes of around $123.5 billion, boosting market confidence.
Additionally, new U.S. legislation (GENIUS Act) related to stablecoins, which are primarily supported by the Ethereum network, provided ETH with a positive regulatory boost.
The "The Ether Machine" fund backed by major companies plans to raise over $1.6 billion and will be listed on the Nasdaq in the fourth quarter of 2025 with open trading for institutions under the symbol ETHM
