Ethereum News Today: Ethereum Surges 56.29% in a Month Driven by Institutional Inflows

Ethereum has experienced a significant surge in value, with a 56.29% increase over the past month, reaching a price of $3,758.73 from $2,406.19 at the start of the month. This bullish momentum has outpaced major rivals such as Bitcoin, XRP, BNB, Solana, and Cardano, with Ethereum rising 24.1% in the last seven days and 3.1% in the last 24 hours.

The recent rally is driven by substantial institutional inflows into spot ETH ETFs, increased whale activity, and positive sentiment from major investors like Peter Thiel. Between July 14 and 18, a total of 2,182.4 million flowed into the Ethereum Spot ETF market, with the highest daily inflow of 726.60 million recorded on July 16. On the last day of the week, at least 402.50 million entered the market, with 394.90 million of this through Blackrock’s ETHA.

Peter Thiel, the former CEO of PayPal, has quietly acquired 9.1% of the shares of BitMine Immersion Technologies, a company aiming to become the Ethereum version of MicroStrategy. Additionally, the Ethereum network has seen a rise in its Layer 1 gas limit, enhancing transaction capacity, and continued growth in liquid staking, with Binance Staked ETH reaching 20% of the market.

Crypto analyst Titan of Crypto has identified a bullish wedge pattern in Ethereum's price chart, suggesting that the price could first hit $4,100 and then target $6,700 if the breakout confirms. This pattern, known as a right-angled descending broadening wedge, features a horizontal resistance line and a descending support line, indicating increasing volatility and indecision. The analyst advises patience, as the price move might take time to play out.

According to the analyst's forecast, the Ethereum market entered this pattern in early 2024. The first stop for the market could be $4,100, with the next major price target being $6,700 if the breakout is confirmed. This target is calculated by adding the height of the triangle from the breakout point.

Ethereum is currently showing strong bullish momentum, fueled by ETF inflows and whale activity, suggesting it’s generally considered a buy by many analysts, despite some overbought technical indicators. Ethereum is widely considered a good long-term investment due to its foundational role in DeFi, NFTs, and Web3, ongoing scalability upgrades, increasing institutional adoption, and potential for yield from staking.