ETH Price Rises 3.5% to $2,519 Amid Strong Institutional Demand
Ether (ETH) increased by 3.5% over the past 24 hours, reaching $2,519. This rise is attributed to:
- Strong institutional demand
- Network upgrades
- Integrations with major retail platforms
Institutional interest remains high, with $429 million in net inflows into ether investment products in the past week and nearly $2.9 billion year-to-date. The supply of ETH on exchanges is declining, with over 35 million ETH (about 28% of total supply) locked in proof-of-stake contracts. This reduction in liquid supply supports a positive long-term investment outlook.
Robinhood is developing a Layer-2 blockchain using Arbitrum’s rollup infrastructure, which will support Ethereum staking, tokenized stock trading, and perpetual crypto futures once launched. This decision reflects confidence in Ethereum's scalability.
Vitalik Buterin introduced a digital identity framework utilizing zero-knowledge proofs, allowing users to verify credentials without exposing personal data. This initiative aims to enhance privacy in Web3 applications.
The Ethereum Community Conference (EthCC) in Cannes attracted over 6,400 attendees and 500 speakers, focusing on Ethereum's developer momentum and protocol improvements.
Technical Analysis Highlights:
- ETH traded between $2,438.50 and $2,523 from June 29 19:00 to June 30 18:00.
- Largest spike occurred on June 29 between 22:00–23:00 UTC, with a 2.9% increase.
- Strong support found around $2,438 on June 30 at 15:00 UTC.
- A local high of $2,523 established resistance above $2,500.
- ETH closed at $2,487.19 after retracing from an intraday peak of $2,499.19.
- As of 20:23 UTC on June 30, ETH was trading at $2,519, reflecting renewed bullish momentum.