Ethereum (ETH) has maintained its critical support level of $2,860, a price point tested multiple times since July 5.
Ethereum (ETH) has maintained its critical support level of $2,860, a price point tested multiple times since July 5, demonstrating strong buyer demand. According to a report from Deribit Insights, this stability sets the stage for a significant upward move, especially following the recent approval of Ether exchange-traded funds (ETFs) in the United States.
The report from Deribit suggests that the persistent support seen throughout July indicates substantial buyer interest, potentially paving the way for ETH to reach highs of $4,500. The launch of Ether ETFs has brought the underlying crypto asset into a more accessible and regulated framework, which has positively influenced market sentiment.
The approval of these ETFs is expected to drive increased institutional interest and investment. This newfound accessibility has generated optimism among analysts, who predict substantial inflows into the market. For instance, on July 30, all nine spot Ether ETFs saw a combined net inflow of $33.6 million, exemplifying the heightened investor interest.
Despite the positive reception, the Ether ETF market has experienced notable fluctuations. Data from Nansen on July 31 revealed nearly $750 million in outflows from Ether ETFs over four of five recorded trading days. This volatility saw Bitwise temporarily surpass BlackRock in total trading volume on July 30, only for the positions to reverse by the following day. As of August 1, BlackRock’s holdings accounted for 6.9% of assets under management, up from 5.59%.
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