Ethereum Sees Possible Short-Term Pullback Amid Reduced Exchange Reserves and Continued ETF Demand

Key Points

1. Ethereum is trading at $3,786, down 3.7% from its recent peak of $3,933, but still up 56% over the last 30 days.

2. Exchange-held ETH reserves decreased by over 1 million ETH, signaling accumulation and reduced sell pressure.

3. Ethereum spot ETFs recorded net inflows of $65.14 million on July 28, with total July inflows surpassing $5.1 billion, reflecting strong institutional demand.

4. Technical indicators show Ethereum trading above key moving averages, but short-term indicators like the RSI at 74.6 suggest overbought conditions, hinting at possible consolidation.

5. Key support levels are at $3,680–$3,700, while resistance levels are at $3,960–$4,300, with potential for further gains if momentum improves.