Ethereum Price Today: $2,510
- Ethereum ETFs are on track for eight consecutive weeks of net inflows, attracting $148.5 million on Thursday.
- Positive regulatory developments surrounding Ethereum have traders anticipating a price surge above $3,000.
- However, ETH could potentially decline to $1,750 as it nears the validation of a death cross signal.
Ethereum (ETH) experienced a 3% dip on Friday, despite spot ETH ETFs in the U.S. nearing an impressive eight-week streak of inflows, totaling nearly $2 billion. These substantial inflows follow increased Ethereum treasury allocations by public companies and progress in U.S. stablecoin legislation.
Ethereum ETFs Maintain Inflows as Traders Anticipate Further Price Growth
Spot Ethereum ETFs in the U.S. are poised to extend their positive run to eight consecutive weeks, having recorded $148.57 million in net inflows on Thursday. This marks their second-largest daily inflow since February, according to data from SoSoValue. Should Friday’s net inflows remain positive, these products could push their cumulative flows over these eight weeks past the $2 billion mark.
These strong inflows are fueled by positive developments within the Ethereum ecosystem, including the expansion of tokenization through Robinhood’s first U.S. tokenized stock launch on the Arbitrum Layer 2 (L2) network.
Furthermore, more publicly traded companies are adopting Ethereum-focused treasury strategies, including SharpLink Gaming (SBET), which is the largest public holder of ETH. BitMine has also recently shifted its focus from Bitcoin mining to prioritizing an Ethereum treasury path.
These developments coincide with advancements in cryptocurrency legislation in the U.S., as the House of Representatives plans to deliberate on the GENIUS stablecoin bill and the cryptocurrency market structure bill during the upcoming Crypto Week, scheduled for the week of July 14.
Consequently, traders on the Derive cryptocurrency options exchange are maintaining a largely bullish stance on the leading altcoin, especially considering that nearly 50% of the stablecoin market operates on the Ethereum blockchain.
“Nearly 80% of the ETH call option open interest for the July expiry is concentrated above $3K. Incredibly, almost 30% is in strikes above $3.5K. The market clearly expects a breakout,” wrote Sean Dawson, Head of Research at Derive.
Despite the bullish sentiment, the upcoming Federal Reserve meeting in July, geopolitical developments, and the outcome of the House vote on the CLARITY and GENIUS bills are crucial factors to watch in determining how the market might shape up in the coming month.
Ethereum Price Forecast: ETH Sees Rejection at Key SMAs, Risks 35% Drop if Death Cross Occurs
Ethereum experienced $56.82 million in futures liquidations, comprising $47.02 million in long liquidations and $9.80 million in short liquidations, over the past 24 hours, according to data from Coinglass.
Following two months of consolidation, during which ETH has traded between $2,100 and $2,850, its Simple Moving Averages (SMAs) are hinting at a bearish signal on the weekly chart after resisting an upward movement near $2,600. The 50-period SMA is on the verge of crossing below the 100-period SMA, signaling a potential death cross. This indicates that short-term momentum is weaker than long-term momentum.
ETH has experienced a gain/loss of over 35% in the last two instances of such a cross. As a result, a validation of the death cross could see ETH fall to $1,750 if history repeats itself.
The Relative Strength Index (RSI) has resumed a horizontal trend near its neutral level, while the Stochastic Oscillator (Stoch) has made a similar move near its overbought line. This indicates a largely neutral market momentum but with a slight bullish tone.
A firm break above the upper limit of a symmetrical triangle pattern could invalidate the bearish thesis.
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