Ethereum price continued its rebound in July this year, helped by the surging demand for exchange-traded funds (ETF) and Ethereum treasury companies. ETH token was trading at $3,870 on Thursday, its highest point since December last year and 180% above the lowest point this year.
Ethereum ETF inflows have surged
Data shows that demand for Ethereum exchange-traded funds continued soaring this month. According to SoSoValue, American institutional investors added over $5.4 billion into these funds, bringing the cumulative total to $9.6 billion.
July was the fourth consecutive month of Ethereum ETF inflows and a sign that the trend was strengthening. It moved from $66.2 million in April, followed by $564 million and $1.16 billion in May and June.
Most importantly, Ethereum ETFs have added assets in the last 13 consecutive weeks, the longest streak since their approval last year.
BlackRock’s net assets jumped to over $11.2 billion, making it the fastest ETF to hit the $10 billion milestone. The other notable Ethereum ETFs are Fidelity’s FETH, which has over $2.52 billion in assets. Other top ETFs are from Grayscale, Bitwise, and VanEck.
The Ethereum price also jumped as the mini-Strategy came up. For example, SharpLink Gaming continued to accumulate Ethereum. It now hads over 438,190 ETH, currently worth over $1.6 billion, a notable amount for a company valued at over $1.9 billion.
NEW: SharpLink now holds ~438,190 ETH
Between July 21–27, SharpLink acquired ~77,210 ETH for ~$290M at an average price of ~$3,756
ETH-per-share (“ETH Concentration”) is now ~3.40, up from ~3.06 last week, and ~70% since we began the strategy on June 2nd
Cumulative staking
More companies have also started to acquire these coins. The other notable names that have acquired ETH are BitMine Immersion, Coinbase, Bit Digital, and Ether Capital.
Ethereum ecosystem is thriving
The other major catalyst for Ethereum price is that its ecosystem is thriving across the board. For example, data shows that Ethereum was the main player in the non-fungible token (NFT) industry. It handled over $275 million in NFT volume, representing a 55% month-on-month increase. The most active NFT collections were CryptoPunks, Pudgy Penguins, and Bored Ape Yacht Club (BAYC).
Ethereum is also the most dominant player in the decentralized finance (DeFi) industry. Its total value locked (TVL) jumped by almost 40% to $188 billion. The bridged TVL rose to nearly $500 billion.
The most notable players in the ecosystem include Lido, AAVE, EigenLayer, EtherFi, Ethena, Spark, and Pendle. 27 DeFi networks have a TVL of over $1 billion.
Ethereum is also the biggest player in the real-world asset (RWA) industry with over $7 billion in assets. These numbers will help to boost its price over time.
Ethereum price technical analysis
The daily chart shows that the ETH price has been in a strong bullish trend in the past few months. It moved from a low of $1,383 in April to $3,800 today.
The token has remained above all moving averages, a sign that bulls are in control. It even formed the highly bullish golden cross pattern in July as the 50-day and 200-day moving averages crossed each other.
Therefore, the token will likely continue rising as bulls target the important resistance level at $4,110, the highest point in 2024. A move above that level wil point to more gains, potentially to $5,000 in August.
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