Ethereum News Today: Ethereum Surges 1.66% to $3,648 Amid Regulatory Boosts

In the dynamic cryptocurrency market, Ethereum has shown a notable increase, rising by 1.66% to reach $3,648. This surge contrasts with the performance of XRP and TRON, which experienced declines of 1.05% and 1.52% respectively, settling at $3.42 and $0.3197. Ethereum's gains are attributed to regulatory advantages and positive market developments, while XRP and TRON face challenges due to profit-driven moves.

Ethereum's recent growth can be linked to BlackRock’s ETF proposal and significant regulatory initiatives. The newly enacted GENIUS Act on July 18 has bolstered confidence in Ethereum’s network by enforcing a full reserve requirement in the stablecoin sector. Technically, Ethereum surpassed the $3,500 level with support from a 7-day RSI approaching 94.9 and a positive MACD histogram at +86.83. The price sustaining above the 7-day EMA indicates a dominant short-term trend. The escalation of ETH/BTC market share from 9.71% to 11.38% suggests a notable capital shift towards Ethereum. Despite potentially overbought signals, a significant $4.93 million profit by one address in 24 hours highlights sustained holding tendencies among investors.

XRP, after a 23% rise, faced a decline as profit-taking ensued when the price touched $3.65. The volume slipped 57% to $6.17 billion, and a sizable transfer of 25.5 million XRP to Coinbase exerted selling pressure. The market’s long/short disparity further destabilized momentum. As XRP’s price fell to $3.42, the 23.6% Fibonacci level at $3.24 is observed as initial support. Despite a positive MACD, the cooling RSI indicates reduced buying vigor.

TRON's confrontation with the $0.316 resistance, coupled with declining volume, triggered profit-taking. The MACD slowdown confirms fading momentum, with the 7-day SMA at $0.310 posing as short-term support. Recent metrics highlighted include TRON’s 46.9% volume drop, underscoring market uncertainty. Open interest climbed 18.8% to $517 million, heightening volatility. A network transaction decline of 60% since June signals shifting investor focus. A 71.32% whale dominance on TRON intensifies speculation.

Ethereum's upward stride has contrasted with the retreat seen in XRP and TRON, showcasing the complex dynamics and profit strategies influencing the cryptocurrency market. As TRON grapples with regulatory scrutiny, assets like Stellar gain investor favor, emphasizing the sector’s rapid adaptability. Ethereum's surge can be attributed to its strong use cases in DeFi and the growing institutional interest, as evidenced by record inflows into BlackRock's ETH ETF. In contrast, XRP and TRON's wavering performance suggests that while they have clear use cases, they are facing challenges in maintaining consistent growth.