Ethereum Price Surge

Ethereum’s price jumped for six consecutive days, reaching its highest point since January 7, with an increase of over 158% from its lowest point in May 2023.

Price and Performance

Ethereum (ETH) surged to around $3,580, making it one of the best-performing coins this week.

SoSoValue data indicates that this surge coincided with strong spot Ethereum ETF inflows, adding a record $2.1 billion in assets—the largest weekly gains on record.

The inflow far exceeded the previous week’s $907 million and marked the tenth consecutive week of positive Ethereum ETF inflows, the longest streak since ETF approvals in September last year. Cumulatively, inflows have surpassed $7.49 billion.

BlackRock’s ETHA ETF

BlackRock’s ETHA ETF has outperformed its competitors, with assets climbing to $9.17 billion, accounting for nearly half of Ethereum ETF assets.

Market Drivers

Ethereum’s price increase comes amidst several supportive factors in the crypto industry, such as the signing of the GENIUS Act and continued accumulation by SharpLink, now a major corporate holder, following Strategy’s success.

The ETH price rise is also reflected in other metrics: futures open interest reached a record high of $51 billion, significantly up from last month’s low of $28 billion. This surge indicates rising demand.

Additionally, the stablecoin supply set a record at $130 billion, and decentralized finance assets rose to over $178 billion.

Technical Analysis

Source: crypto.news

The daily chart indicates a strong bull run for ETH, climbing from a low of $1,382 in April to over $3,500.

ETH has formed a golden cross as the 200-day and 50-day moving averages intersected. The Relative Strength Index continues rising, while the Average Directional Index (ADX) has soared to 38—the highest since May 17.

This surge in the ADX suggests that the ETH rally is gaining momentum, with the next key target being the psychological level of $4,000. However, as ETH is currently overbought, there is a risk of a brief pullback before continuing upward.