Ethereum News Today: Ethereum Surges 44% to $3,620 on ETF Inflows and Bullish Metrics

Ethereum (ETH) has recently surged to multi-month highs, with its price hovering around $3,580–$3,620 after successfully breaking above key resistance levels. This upward movement was driven by strong inflows into ETH ETFs and robust on-chain metrics, indicating a bullish trend for the ETH/USD pair.

On July 18, analysts were divided on whether the ETH/USD pair was poised for a breakdown or a breakout. The Ethereum Fear and Greed Index reflected a bullish sentiment, supported by Ethereum's recent price surge from $2,373 in early July to $3,426, a 44% increase. Technical analysts were closely monitoring key support and resistance levels, with support identified at $3,306.76 and $2,696.19. A breakdown below these levels could signal a bearish trend, while a breakout above these levels could drive Ethereum to new heights.

One analyst, Gert, suggested that Ethereum's latest climb forms “subwave a” of wave five, with an expected minor dip to retest the breakout level, forming “subwave b.” The technical analysis also highlighted a buy signal for ETH/USD in the 2-hour timeframe, with an entry zone between $3,000 and $3,010. The stop loss was set at $2,985, with targets at $3,030, $3,045, and $3,060. This analysis underscored the potential for a bullish move, provided that the support levels held.

The broader market context also influenced the analysis. As global financial markets navigated geopolitical tensions and shifting central bank policies, investors were cautious but optimistic about Ethereum's prospects. A dovish tone from central banks, which could weaken the USD, was seen as supportive of long positions in Ethereum. Conversely, a hawkish tone could strengthen the USD and favor a breakdown scenario.

In summary, the July 18 analysis of ETH/USD presented a mixed outlook, with both bullish and bearish scenarios possible. The key support and resistance levels, along with the technical buy signal, suggested that Ethereum had the potential for a breakout. However, the broader market dynamics and the possibility of a breakdown below critical support levels added a layer of uncertainty. Investors were advised to monitor these levels closely as they navigated the volatile cryptocurrency market.