Ethereum News Today: Ethereum Gains Momentum on $1.6M ETF Inflows and Rising Global M2 Liquidity

Ethereum is showing signs of potential upward momentum, driven by a significant net inflow into Ethereum spot ETFs in July. According to data from Cipher X, the month recorded $1.6 million in net inflows, more than double the previous notable inflow of $630,000 during the December surge [1]. This suggests increasing institutional interest and could indicate a broader move in the price of ETH in the near future.

The price movement of Ethereum appears to be closely aligned with global M2 liquidity trends. M2, a broad measure of money supply, recently reached a new high, suggesting an expansion in global liquidity [1]. Analyst Merlijn The Trader has highlighted that this correlation has historically supported upward trends in cryptocurrency markets. The continued synchronization of Ethereum with these macroeconomic indicators adds a layer of bullish sentiment to the asset’s current trajectory.

Technical analysts are also keeping a close eye on key support levels. Ali_charts notes that support zones at $2,924 and $2,750 are critical in the event of a pullback or correction. These levels could serve as temporary safety nets for the price, offering a buffer should Ethereum face near-term volatility [1]. At the time of reporting, Ethereum was trading at $3,539.85, up 2.73% in the last 24 hours, with a 24-hour trading volume exceeding $22 billion. The asset recently touched $3,600 before experiencing a mild pullback, prompting observers to watch for signs of sustained momentum above key levels or a potential consolidation phase.

While these developments suggest positive momentum, market participants are advised to conduct their own due diligence before making investment decisions.

Source: [1] Ethereum Eyes Breakout: 1.6M ETF Inflows Hint at Surge (https://coinmarketcap.com/community/articles/68908df4f66ec432fbcd032a/)