- Ethereum forms a bullish flag and golden cross pattern, pointing to a possible price rally toward the $4,015 mark.
- Spot ETF inflows into Ethereum continue for nine straight weeks, crossing $4.5 billion, with total fund assets exceeding $11 billion.
- Open interest in ETH futures rises to $37 billion, reflecting increased market participation and institutional confidence in Ethereum’s trajectory.
Ethereum posted a 6.3% gain on July 10, following a broad rally across the crypto market after Bitcoin touched a new record high. The price of Ethereum is now approaching the $4,000 mark, backed by strengthening technical patterns and increased demand from institutional products.
On the daily chart, Ethereum has continued to form a bullish flag pattern, consolidating since reaching $2,873 in May. This movement followed a sharp rise from $1,390, forming the flagpole portion of the pattern. Technical analysis indicates a breakout from this flag could push Ethereum to $4,015.
At the same time, the formation of a pattern of a golden cross has strengthened the bullish configuration. This happens in instances where the 50-day moving average crosses over the 200-day moving average. A declining spread between the two pointers indicates growing momentum and power of buying and may be followed by long uptrends in the past market.
Price stability aids a breakout situation
Ethereum price has been consolidating and has been having a buyer accumulation during the last few weeks. Ethereum has not reversed its bullish setting yet, as long as it keeps the June bottom at 2,125. Any activity under this level may weaken the prospects and indicate a possible revisiting of the low of the year of $1,390.
Market data reveals sustained interest in Ethereum exchange-traded funds. Spot ETFs have now recorded nine consecutive weeks of net inflows, with over $4.5 billion added and total assets held by all funds exceeding $11 billion.
The upcoming blue-chip crypto ETF, which allocates 80 percent of its holdings to Bitcoin and Ethereum, is expected to further increase buying activity. This development comes as exchange reserves of Ethereum continue to decline, signaling supply pressure that may fuel further gains.
Open interest in Ethereum futures has surged to over $37 billion, its highest level since mid-June. This increase from $23 billion last month suggests strong institutional activity and growing confidence in the asset’s near-term direction.
