Rewards Hub Ethereum’s Daily Momentum: Key Drivers and Price Snapshot
Ethereum fell 0.66% in the last 24 hours, hitting a high of $3,901.08 and low of $3,732.13, trading at $3,874.14 with volumes exceeding $35 billion, pressured by profit-taking but supported by ETF inflows and 10th anniversary anticipation.
Why is ETH Down Today?
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Main Reasons: ETH dropped 0.66% as traders secured gains after hitting $3,941.04, though $70M in daily ETF inflows supported prices, reducing the price fall, per CryptoNews.
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Technical Analysis: RSI at 77 shows strong but cooling buying interest, while MACD histogram at 8.04 confirms sustained bullish momentum, per Phemex data.
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Market Dynamics: Bitcoin’s dominance fell 0.55% to 59.95% as ETH’s rose 0.26% to 11.76% per CoinMarketCap, with capital shifting to altcoins like ETH, reducing losses, though the SEC’s delay on the Truth Social ETF cooled market sentiment.
Today’s Must-Know ETH Highlights:
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ETF Performance: ETH ETFs recorded $70M in daily inflows on July 29, outpacing Bitcoin’s outflows and signaling investor interest, per CryptoNews.
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DeFi Activity: Lido DAO co-founder Konstantin Lomashuk borrowed $85M via Aave to buy 15,814 stETH on July 29, boosting DeFi confidence, per Coin World.
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Whale Activity: A new whale wallet bought 10,000 ETH ($38M) on July 29, part of ongoing accumulation, per Blockchain News).
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Scaling Updates: Ethereum developers discussed layer-2 scaling at a July 29 pre-anniversary event, targeting lower costs, per Cointelegraph.
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On-Chain Metrics: Exchange ETH supply fell to 7.5% with 31% staked on July 29, reflecting bullish sentiment, per CryptoRank.
What’s Next for ETH?
Profit-taking slowed ETH’s rally, but ETF inflows and anniversary events could spark a rebound. Will ETH climb back to $4,000 soon?
This Week’s ETH Outlook:
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Ethereum’s 10th Anniversary (July 30): Community events and dev talks may unveil new DeFi projects, boosting visibility.
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ETF Inflows and Options Expiry: Strong $70M daily ETF inflows and $2.4B August options expiry could drive ETH past $4,000.
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Disclaimer
The content provided in this article is for informational purposes only and does not constitute financial, investment, legal, or trading advice. Cryptocurrency markets are highly volatile and involve significant risk. Readers should conduct their own research and consult with a qualified financial advisor before making any investment or trading decisions. Phemex and the author are not responsible for any losses or damages resulting from the use of the information presented herein.
