Ethereum (ETH) trades at $3,786, experiencing a 3.7% dip from its recent peak of $3,933 yet maintaining a robust 56% surge over the past month. The retracement occurs against a backdrop of strong accumulation signals and institutional demand, suggesting enduring bullish sentiment despite short-term technical exhaustion.
Key on-chain data reveals exchange-held ETH reserves plummeted by over 1 million tokens, signaling reduced selling pressure and heightened accumulation among holders. Simultaneously, Ethereum spot ETFs demonstrated sustained institutional interest, attracting $65.14 million in net inflows yesterday. Cumulative July inflows exceeded $5.1 billion, reinforcing confidence in ETH’s mid-term valuation.
Technical analysis shows ETH trading above critical moving averages, maintaining its bullish structure. However, short-term indicators flash caution: the Relative Strength Index (RSI) at 74.6 suggests overbought conditions that may trigger consolidation. Immediate support lies at $3,680–$3,700, while resistance is positioned between $3,960 and $4,300. A breach above this resistance band could catalyze further upside momentum.