Ethereum News Today: Ethereum Surges 36% in TVL, Driven by $1.76 Billion ETF Inflows

Ethereum has set its sights on a significant milestone, with analysts predicting a potential surge to $6,700. This ambitious target is supported by a bullish wedge pattern observed on the weekly chart, which is often indicative of explosive breakouts. The immediate short-term target is $4,100, and once this level is confirmed, the path to $6,700 becomes more plausible.

The recent surge in Ethereum's price is not merely a result of retail trading or automated bots. Instead, it is driven by record inflows into spot ETH ETFs, which saw an unprecedented $727 million in a single day. These ETF products now hold nearly 4% of all circulating Ethereum, highlighting the growing institutional interest. Over the past five days, ETH ETFs have attracted $1.76 billion, demonstrating a strong institutional appetite for the cryptocurrency.

On-chain activity further supports the bullish narrative. Active addresses on the Ethereum network have increased by 9.4% over the past 30 days, with a 2% jump in the last 24 hours to reach 1.49 million. Daily active wallets have crossed 463,000, indicating a robust and growing user base. Network fees have also surged, with Ethereum generating $14 million in fees over the past week, a 139% increase. Since July 5, daily fees have exploded by over 475%, reaching $3.11 million. This spike in fees underscores the increasing demand for Ethereum's utility in decentralized finance (DeFi) and decentralized applications (dApps).

The total value locked (TVL) in Ethereum has also seen a significant increase, jumping from $57.2 billion to $78.2 billion in just three weeks. This 36% leap positions Ethereum as the dominant player in the market by TVL, with a 58% market share. In comparison, Solana holds 7.2% and BNB Chain holds 5%. The Relative Strength Index (RSI) for Ethereum also supports the bullish outlook. On the three-week chart, the RSI flashed a strong buy signal in April, historically preceding massive price surges of 1,360% in 2021 and 350% between 2023 and 2024.

Analysts such as Mikybull Crypto and Biashara have echoed this sentiment, with Mikybull predicting that ETH could hit $10,000 once the RSI enters its upper range. Biashara cited bullish ETH/BTC fractals and treasury accumulation as additional factors supporting the bullish outlook. The confluence of these factors—record ETF inflows, rising network activity, and strong technical signals—suggests that Ethereum is not just preparing for a breakout but is already well on its way to achieving it.