Ethereum: A Short Pullback Won’t Stop Rally
Ethereum prices fell three days in a row, losing around 10% from the week’s peak. But don’t worry; the story isn’t over yet. despite this dip,key signs show Ethereum’s strength. American investors keep buying Ethereum ETFs, and network activity surges.
On August 16, Ethereum’s price hit $4,410, almost 217% above its April low. Yet, its solid fundamentals hint at another 55% jump soon.
Institutional and retail investors in America have been gobbling up Ethereum ETFs this week. According to SoSoValue, these funds added $2.8 billion, dwarfing Bitcoin ETFs’ $547 million. This marks the fourth straight week Ethereum ETFs brought in more money than Bitcoin.
- Ethereum ETFs now manage $30 billion, wiht BlackRock’s ETHA topping at $15.9 billion.
- The daily trade volume of BlackRock’s fund shot up to $2.4 billion, signaling rising interest.
Ethereum is powering many parts of the crypto world. It rules the decentralized finance sector with 68% market share, locking up $203 billion. Stablecoins running on Ethereum grew 10% in a month to $144 billion. The number of active addresses spiked by 30% to 2.6 million.
Transaction volumes on Ethereum跳celebrated a leaps to $878 billion,leaving behind Tron’s $664 billion.
Technically,Ethereum looks good for a price rise too. After the April low,the price charged up supported by increased ETF inflows and network growth.
A visible golden cross formed in July, further validating the upward trend. Notably, the drying cup-and-handle pattern形势 shows a projected increase to $6,840, a potential hike of roughly 55% from today’s prices.
For now, Ethereum price可能woudl test support at $4,110 briefly before surging again—following the classic break-and-retest pattern.
