Ethereum Approaches $3,500 as ETFs and RSI Signal Spark $10K Hopes
ETH Climbs to 6-Month High as Institutional Capital Surges
Ethereum (ETH) is on the verge of breaking through the $3,500 mark, riding a wave of institutional demand and surging network activity. The cryptocurrency, second only to Bitcoin, soared over 25% in just one week, reaching $3,481 on Binance—its highest price since January.
Behind this momentum is a flood of inflows into spot Ethereum ETFs. According to data from Cointelegraph and TradingView, $727 million flowed into ETH ETFs on Wednesday alone, with BlackRock responsible for half of that day’s haul.
“This is big boy money moving in,” remarked crypto analyst Blazey Crypto. “Over $726 million poured into ETH ETFs in a single day… that’s not retail, that’s war.”
This surge brings the total inflows to more than $1.76 billion over just five trading days, with ETF issuers now holding an estimated 4% of Ethereum’s total supply.
Ethereum Network Activity Hits New Highs
The bullish price action is backed by fundamentals on-chain. Active addresses rose 9.4% over the last month, reaching 1.49 million, with a 2% daily increase. Daily unique users surged by 6.7% to 463,880, signaling robust network engagement.
Network fees—a proxy for demand—also exploded:
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Weekly fees jumped 139% to $14 million
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Daily fees rose 475% since July 5, reaching $3.11 million
These elevated fees not only suggest high usage but also push for increased adoption of layer-2 solutions and decentralized applications (DApps), all of which contribute to Ethereum’s growth.
The impact is visible in Ethereum’s Total Value Locked (TVL), which surged from $57.2 billion to $78.2 billion in just three weeks—a 36% increase. Ethereum now commands a 58% dominance among layer-1 blockchains, far ahead of Solana’s 7.2% and BNB Chain’s 5%.
Technical Indicator Flashes Bullish Signal: RSI Points to $10K
Ethereum’s Relative Strength Index (RSI), a popular momentum indicator, triggered a “buy” signal at 40 in April—a level historically followed by strong rallies.
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In 2021, a similar signal preceded a 1,360% price rally
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In 2023-2024, it led to a 350% surge
Crypto analyst Mikybull Crypto emphasized the importance of the signal:
“This rare buy signal isn’t something to be ignored… 2X right now if you heed the call.”
According to Mikybull’s analysis, ETH could climb to between $7,000 and $10,000 during this cycle, especially if the RSI reaches the upper band again.
Other analysts echo this forecast, pointing to a bullish breakout in the ETH/BTC pair and a strong technical setup fueled by growing institutional exposure.
Outlook: ETH Positioned for Higher Highs
As Ethereum edges toward $3,500, it does so with unprecedented institutional support, increased on-chain activity, and technicals that mirror past bull runs. If the RSI continues its historical pattern and ETF demand remains strong, ETH could be well on its way to challenging the $10,000 milestone—possibly sooner than expected.
