Ethereum Surges 53% in July as BTCS Adds 14,240 ETH to $270M Holdings
ETH is trading at $3,803 as of Monday, down from the intraday high of $3,941. Despite the small pullback...
Quick overview
- ETH is currently trading at $3,803, experiencing a pullback from its intraday high of $3,941, but has gained 53% in July due to strong institutional demand.
- Ethereum saw $1.59 billion in institutional inflows last week, significantly outpacing Bitcoin's $175 million outflows, reinforcing its position as a leading smart contract platform.
- BTCS Inc. has increased its Ethereum holdings to 70,028 ETH, valued at approximately $270 million, while also raising $10 million through a convertible note to enhance liquidity.
- Despite strong fundamentals, short-term technical indicators suggest ETH may be overbought, with caution advised as the RSI is at 76 and a bearish MACD crossover is being monitored.
ETH is trading at $3,803 as of Monday, down from the intraday high of $3,941. Despite the small pullback, July has been bullish for the second largest cryptocurrency with a 53% gain so far this month. This is driven by institutional demand, signaling more investor confidence in Ethereum’s long term value.
According to CoinShares, Ethereum saw $1.59 billion in institutional inflows last week, more than Bitcoin’s $175 million outflows. These flows not only supported the price but also solidified Ethereum as the go-to smart contract platform for diversified crypto exposure.
On the derivatives side, Ethereum futures Open Interest (OI) is still at $58 billion, indicating ongoing trading activity and bullish speculation.
BTCS Increases Ethereum Holdings
Blockchain infrastructure company BTCS Inc. announced on Monday that it has added 14,240 ETH to its treasury, purchased at an average price of $3,850. This brings BTCS’s total ETH to 70,028, currently valued at approximately $270 million.
The company also closed a $10 million convertible note at a conversion price of $13 per share. CEO Charles Allen said BTCS’s “DeFi/TradFi Accretion Flywheel” strategy, using staking solutions like NodeOps and Builder+, is designed to generate yield while scaling.
BTCS highlights:
- 70,028 ETH
- $207M raised YTD to fund growth
- $10M note issuance adds liquidity
Allen called BTCS “the most financially and operationally leveraged Ethereum play in public markets,” saying the company is all in on ETH.
Ethereum Technicals Show Overbought
While fundamentals are strong, the short term technicals are cautionary. The RSI has dropped to 76, still overbought, and a continued slide could mean reduced demand and price retracement.
The MACD is also watching for a bearish crossover. A confirmed signal (when the MACD line crosses below the signal line) would mean downside risks and might prompt investors to de-risk.
But ETH is still supported:
- 50-day EMA: $3,032
- 100-day EMA: $2,752
- 200-day EMA: $2,650
Above $4,000 and the all-time high of $4,878 is in play if the momentum from institutions and retail continues.
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