Ethereum (ETH) is gaining bullish momentum, now trading at $4,409.12 after a 5.4% daily jump, fueled by favorable U.S. inflation data and record spot ETF inflows. July’s Consumer Price Index rose 2.7% year-over-year, below the 2.8% forecast, increasing the odds of a September Fed rate cut to 82.5% and sparking demand for cryptocurrencies.
On August 12, U.S. spot Ethereum ETFs saw over $1 billion in inflows, with BlackRock’s ETHA alone recording $639 million in a single day. This pushed total ETH ETF assets under management to $19.2 billion—a 58% monthly rise. Sosovalue data shows ETFs now hold $25.71 billion in ETH, representing 4.77% of the asset’s market cap.
Technical analyst Javon Marks notes ETH has rallied 261% since breaking a long-term resistance, with $4,811.71 as the next target—just under 10% away. The recovery follows a 2022-2023 downtrend, with 2024 seeing multiple resistance breakouts.
However, hacker activity poses risks. The Infini Exploiter sold 1,771 ETH for $7.44M, while the Radiant Capital Exploiter offloaded 3,091 ETH for $13.26M. Despite these sales, strong institutional demand and favorable macro trends suggest ETH could still climb toward $4,811 in the short term.
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