The second-largest digital asset by market cap, ETH spikes 14% amid optimization in the crypto market. Most of the bullish trend is driven by the cryptocurrency market’s showing signs of resilience, such as when Bitcoin (BTC), the most popular cryptocurrency, stayed above the critical $22,000 support level for a short time.
Despite the recent increase in Ethereum’s market value, the DeFi asset is also experiencing significant inflows on cryptocurrency exchanges and the highest profit ratio since last August. According to the ratio of daily on-chain transaction volume in profit to loss, Ethereum witnessed a net of over 220,000 coins move on to exchanges on July 6. It’s the greatest daily amount in 11 months (ETH).
Ethereum Price Review
Ethereum’s current live price is $1,618.98, and its 24-hour trading volume is $25 billion. In the past 24 hours, Ethereum’s price has increased by 11.18 percent. With a live market capitalization of $197 billion, the current market ranking is #2. The maximum supply is unknown, and there are 121 million ETH coins in circulation.
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Ethereum Inflows Surge Dramatically
Ethereum brought in almost $8 million in fresh capital last week despite its low transaction volume. The biggest thing that happened whenever it was initially revealed was that it had drawn more than $2.5 million the previous week.
As per the recent data, about $100 million worth of ETH was traded over the week that concluded on August 10, considerably less than the amount transacted the week before. However, it was seen as the largest inflow for a single week in cryptocurrency history. It is also worth mentioning that Ethereum was not the only cryptocurrency to experience strong inflows throughout the past week. Nonetheless, the assets, such as bitcoin, had benefited from the market’s positive sentiment. As a result, investors have continued to respond favorably to the numerous digital asset investment options.
This week’s achievement of $27 million made digital asset investment products successful. The total assets under management for all digital assets remained constant despite the market’s overall confidence. Last week, Switzerland contributed $16 million of the influx, primarily from Europe.
Germany and the USA, for example, only made $5 million and $9 million, respectively. However, the information gathered by this platform indicates the way investors responded to the most recent market rebound.
ETH Spikes 14% – Technical Outlook
As long as it trades below $1,500, Ethereum is still in a bear market. After that, it dropped and dropped beneath the $1,400 support level. The price sank below the $1,360 mark before bouncing back to the lower range boundary, which is the $1,400 resistance zone. It is now attempting to construct a recovery wave from the bottom edge of the range.
Currently, the ETH price has disrupted the strong resistance mark of $1,603. Closing candles above the $1,603 level can increase ETH’s price to the 1,880 mark. Track the latest Ethereum price on CoinCodex.
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Source: https://insidebitcoins.com/news/eth-spikes-14-despite-a-surge-in-ethereum-inflows