Ethereum Breakout Holds Strong as Key Cost Levels Flip to Support

Key Insights:

• ETH breaks above $3,000, surpassing all major investor cost levels for the first time this cycle
• Ethereum prints golden cross against BTC, signaling start of new altcoin rotation
• Whale wallets rise sharply as retail holdings decline, confirming strong institutional support

Ethereum has firmly broken above $3,000, surpassing its realized price of $2,100, true market mean of $2,500, and active investor price of $3,000. This structural flip aligns with high-volume nodes and strengthens ETH’s new support base. Glassnode data confirms this is the first time in years all three cost-basis levels sit below price.

Large wallet addresses have surged to 17.8 million ETH, while retail addresses dropped below 9 million. This divergence signals aggressive accumulation from institutional and high-net-worth investors while retail flows out of ETH positions. On-chain analysts suggest this rotation reflects growing confidence among strategic players.

ETF flows also reinforce the strength of this move. On July 25, Ethereum spot ETFs recorded $453 million in inflows, marking 16 straight days of net gains. BlackRock’s ETHA led with $440 million, while BTC ETFs lagged behind with just $131 million.

Golden Cross Print Adds Momentum as ETH Dominates Network Flows

Ethereum has printed a golden cross against Bitcoin, with the 50-day moving average crossing above the 200-day. This signal historically marks the beginning of bullish altcoin trends and triggers broader rotation. According to Merlijn The Trader, the golden cross marks a clear shift in long-term momentum favoring Ethereum over Bitcoin.

Data from Artemis shows Ethereum leading all chains in inflows, outflows, and net flows over the last 3 months. Ethereum’s net flow remains strongly positive, outperforming all competing chains, including Bitcoin and Layer 2s. High inflow and low outflow confirm that money continues to enter the ecosystem.

Strategic reserves and ETF holdings continue to rise, with 5.8 million ETH now locked in ETFs and 2.31 million ETH in strategic reserves. Together, these holdings now account for nearly 7% of total ETH supply. Daily ETF flow has remained positive, with 122,000 ETH added on July 25 alone.