Ethereum Could See Continued Gains Despite High Holder Profits and Lower Accumulation Ratios

Key Points

1. Ethereum's price surged 4.09%, breaking above $3,860 and defending the $3,700 support level, indicating short-term strength.

2. The holder accumulation ratio recently dipped slightly below 50%, suggesting a slowdown in bullish accumulation despite earlier upward trends.

3. 98.1% of Ethereum's supply is currently in profit, a historically high level that often precedes local price peaks and potential pullbacks.

4. Ethereum spot ETFs recorded 16 consecutive days of positive net inflows in July, totaling $452 million, reflecting strong institutional demand.

5. Technical indicators like the Chaikin Money Flow (CMF) and MACD show mixed signals, with neutral buying pressure but potential resistance at $4,100.