Ethereum News Today: Ethereum Surpasses $3,600 on $332M ETF Inflows, On-Chain Metrics Signal BTC Outperformance

Ethereum (ETH) has regained $3,600 after a temporary decline to $3,500 earlier this month, with analysts emphasizing that on-chain data shows no signs of further downward pressure. The recovery aligns with technical indicators suggesting continued upward potential, particularly as ETH faces relatively lower selling pressure compared to Bitcoin. CryptoQuant’s analysis highlights the ETH/BTC exchange inflows ratio, which has dropped to five-year lows, indicating reduced ETH selling activity relative to Bitcoin. This trend supports Ethereum’s potential to outperform its rival, with the ratio remaining far from levels that would signal extreme bearishness [1].

The ETF market further reinforces Ethereum’s resilience. Spot ETH ETFs have seen a $332.2 million inflow on July 23, marking their seventh-best day since launch, while Bitcoin ETFs recorded $285.2 million in outflows over three days. Cumulative inflows into ETH ETFs now exceed $16.6 billion in assets under management, reflecting growing institutional and retail confidence in the asset [1].

Technical analysis from Glassnode identifies critical price levels for Ethereum. On the downside, support is concentrated between $2,000 and $3,000, encompassing key metrics such as the realized price ($2,100), true market mean ($2,500), and active realized price ($3,000). A breakdown to this range would likely trigger heightened buying interest from economically active investors. Conversely, resistance at $4,500 remains pivotal, representing a historical barrier linked to speculative activity. This level has historically coincided with market euphoria, as seen in March 2024 and the 2020–2021 cycle. Breaking above $4,500 could signal sustained bullish momentum, though analysts caution that such a move may require confirmation through increased open interest and reduced short-term selling pressure [1].

Market participants are also monitoring the ETH/BTC ETF holding ratio, which has risen to 0.12 from 0.02 in May. This shift indicates investors are gaining proportionally more exposure to Ethereum than Bitcoin, further supporting its price outperformance. The relative strength of ETH against BTC has grown by 3% in the past 24 hours, underscoring its role as a key driver of broader crypto market dynamics [1].

While the current price action suggests a constructive outlook, analysts emphasize that Ethereum’s path to $4,000 hinges on maintaining buying pressure above $3,860. Broader macroeconomic factors, including U.S. interest rate decisions and geopolitical risks, could introduce volatility, particularly if risk-off sentiment intensifies. However, the absence of large-scale liquidations during the recent dip to $3,500 highlights a maturing market structure, where both retail and institutional participants are reinforcing stability rather than exploiting short-term fluctuations [1].

Source: [1] [Ethereum analysts see ‘further upside’ as ETH price reclaims $3.6K] [https://coinmarketcap.com/community/articles/688250482c129e186ade4022/]