- U.S. spot Ethereum ETFs see first positive inflows since launch.
- Grayscale’s Ethereum Trust experiences continued outflows.
- Analysts predict Ethereum price increase following ETF inflows.
Ethereum is demonstrating resilience amidst the broader cryptocurrency market downturn. One week after the ETF launch, it maintains stability even as selling pressure intensifies. The immediate support zone currently lies between the $3,000 to $3,300 range, with buyers confident in a positive trend.
If buying pressure increases, it could propel the price above $3,500, leading to further expansion. This increased market expansion could trigger a rally toward the $4,100 mark, potentially reaching new all-time highs (ATH).
Despite heightened selling pressure, Ethereum remains above the $3,300 mark, currently trading at $3,316 per CoinMarketCap data. If the price trend mirrors the bear bars of July 24 and 25, aggressive sellers may continue to liquidate positions. However, low-risk traders may target the $3,500 entry point. A high-volume close above this entry point will trigger increased demand, potentially initiating a bull run as the price crosses $3,700.
Meanwhile, U.S. spot Ethereum ETFs have posted positive inflows for the first time since their launch on July 23rd, signaling a potential reversal in market performance. Despite this positive trend, Grayscale’s Ethereum Trust (ETHE) continues to witness outflows, reaching $120.3 million on July 30th.
Nonetheless, BlackRock’s iShares Ethereum Trust (ETHA) has offset the market drain with an inflow of $117.9 million. Fidelity’s Advantage Ether ETF (FETH), Bitwise Ethereum Fund (ETHW), and Franklin Ethereum ETF have also contributed to the positive market influx, with inflows totaling $16.4 million, $3.5 million, and $3.7 million, respectively.
Steno Research analyst Mads Eberhardt predicted a deceleration in Grayscale’s outflows, suggesting that the initial pressure would subside.
Eberhardt also drew parallels to Bitcoin’s price trend following the launch of spot Bitcoin ETFs. He believes that Ethereum will follow a similar price trajectory, beginning a price increase once the price stabilizes.
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