Ether Achieves Over 50% Gain in July Driven by ETFs and Corporate Purchases
Ether (ETH) had its best July performance in three years, rising over 50% and reaching a peak of $3,940 before closing under $3,800.
Key points include:
- Last significant rise was in July 2022 after the crypto market crash.
- U.S.-listed spot ETH exchange-traded funds (ETFs) experienced $5.4 billion in net inflows, the highest since their launch last year.
- Public companies acquired $6.2 billion worth of ETH, with notable players including Bitmine and SharpLink.
- New entrants like ETHZilla and Ether Machine have raised substantial capital for asset purchases.
- ETH is positioned as a proxy for the growing stablecoin market, hosting over half of the $250 billion stablecoin supply.
- Current resistance is at $4,000, with historical attempts to break this level failing.
- Market may enter a consolidation phase, but forecasts suggest potential for ETH to reach $4,700.
