Ethereum Surges Ahead of Crypto Market
Ethereum has outpaced the broader crypto market, climbing 6.36% in the past 24 hours and racking up gains of +19% weekly and +48% over the last month. The move comes as Bitcoin dominance dips, highlighting ETH’s leadership in the current rally. A $105 million short squeeze on August 9 proved to be the spark. Once ETH broke the $4,100 barrier, bears were forced to cover positions, accounting for over half of crypto’s daily short losses.
This buying pressure echoed a similar pattern from December 2024, when ETH rallied 28% after a comparable squeeze.
Institutional interest is also intensifying. Since July 9, ETFs and whales have acquired 540,460 ETH ($1.99B), with BlackRock’s ETHA ETF alone attracting $727 million in a single day. Supply on exchanges has fallen to just 12.3M ETH — the lowest since 2018 — signaling potential scarcity ahead.
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Technically, ETH has broken long-standing resistance, with momentum indicators mirroring pre-2021 bull run setups. While the RSI at 71 suggests overbought conditions, the breakout opens room toward $4,425. Analysts caution that a pullback could test support at $3,740, but sustained institutional accumulation may keep the uptrend intact.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
Tags: Bitcoin