Ethereum (ETH)
Key points:
At press time, ETH was priced at $3,707, flat from the prior day’s close after a 1.56% 24-hour gain.
The Supertrend indicator continued to flash a strong buy signal, while the EWO stayed deep in bullish territory at 21.91.
What you should know:
ETH maintained its rally above $3,700 after a brief dip toward $3,576, which now acts as key short-term support. The Supertrend indicator has remained in bullish alignment since early July, while the Elliott Wave Oscillator continued to print strong green bars, reflecting trend conviction despite consolidation. Volume, however, showed early signs of tapering, hinting at a potential cooldown unless new buyers step in. The recent price action has also been influenced by massive institutional interest. BitMine reportedly purchased $970M worth of ETH in just one week, with plans to accumulate up to 5% of the total circulating supply. This intensified demand has tightened supply and reinforced ETH’s narrative as the go-to altcoin in this market cycle.
