Binance stacks Ethereum at yearly high, U.S. funds buy more: So why isn’t ETH moving?

Key Points

1. Ethereum reserves on Binance surged past 4.9 million, the highest since May 2023, yet ETH prices stayed stable around $2,590.

2. U.S. investors are buying steadily, with strong ETF inflows ($148 million on July 3) and positive Coinbase Premium Index, indicating institutional or high-net-worth demand.

3. Despite on-chain and ETF activity, ETH's price movement remains muted, with technical indicators like RSI (52) and MACD showing neutral or early bullish signals without strong conviction.

4. The market appears to be consolidating, with no major shift in buying or selling volume (OBV at 9.97M), possibly preparing for a breakout or larger move.