ETHEREUM SLIDES 7%, BUT BULLS STILL TARGET $5K BREAKOUT

Despite a sharp 7% drop from $3,900 to $3,630, Ethereum’s long-term outlook remains bullish. After soaring over 50% in July—its best monthly performance in 3 years—ETH is now consolidating. On-chain data from Glassnode points toward unrealized profit levels with room to grow, hinting at a possible breakout above the $4,900 all-time high.

Futures market open interest is rising fast, reflecting growing confidence among traders. Meanwhile, institutional inflows into ETH spot ETFs, including BlackRock’s, have surpassed $4 billion in July alone—pushing total ETH ETF holdings to $21.85 billion.

With investor conviction, strong technicals, and institutional demand, Ethereum could be gearing up for a historic move past the $5,000 psychological barrier.

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