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Ethereum surpassed $3,300 on July 16, reaching its highest level in the last five months. The most significant development supporting this rise was the record level of investor interest in spot Ethereum ETFs.
Ethereum reached $3,336 on July 17, representing a 7% increase. ETH, which tested $3,385 during the day, gained significant momentum after a prolonged period of sideways movement.
Ethereum, which has gained approximately 20% over the past week and nearly 30% over the past month, is now only 31% below its November 2021 peak of $4,878.
One of the biggest factors behind this rise was a record demand for spot Ethereum ETFs in the U.S.
According to SoSoValue data, a net inflow of $717 million was recorded into these funds on July 16 alone—the highest daily figure to date. These funds now account for more than 4% of Ethereum's circulating supply.
The largest contribution came from BlackRock's ETHA fund, which saw $489 million in inflows in a single day. It was followed by Fidelity's FETH fund with $113 million.
This record surpassed the previous level of $428 million set on Dec. 5, 2024, by a wide margin. The monthly total inflows exceeding $2.27 billion indicate a resurgence of institutional investor interest in Ethereum.
It is not only ETFs that are contributing to the rise in Ethereum, but also companies' treasury strategies. In recent months, many companies have announced significant ETH positions, while companies such as Bit Digital, GameSquare, and SharpLink Gaming have begun to allocate more space to Ethereum in their long-term balance sheets.
Corporate interest is not limited to technology companies. Major financial institutions such as Goldman Sachs and Standard Chartered are also shifting part of their Bitcoin holdings to Ethereum.
According to Strategic ETH Reserve data, 53 publicly traded companies currently hold a total of approximately 1.6 million Ethereum. The current value of this amount is approximately $5.3 billion.
Ethereum's technical outlook points to strong upward momentum, while short-term overbought signals are also noteworthy. The price has risen above both short- and medium-term moving averages and is now above the upper limit of the Bollinger Band.
This situation indicates that the rise has been a little too rapid and that a short-term correction is possible.
The Bollinger Band is an indicator that shows how volatile the price is moving. When the price touches the upper band or breaks out of the band, it suggests that the market is trading more actively than usual and that these levels may not be sustainable.
Currently, Ethereum is above this upper band, which signals that investors should exercise caution.
On the other hand, the RSI (Relative Strength Index) indicator has also risen above the 70 level, entering the “overbought” zone.
This suggests that even if the upward trend continues, a slowdown or short-term profit-taking could come into play.
If this upward momentum is maintained, Ethereum's next target could be the $3,500 level.
However, if it fails to stay above $3,300, the price could enter a new consolidation phase.
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