Ethereum (ETH) surged over 8% in the past 24 hours, spearheading a broader crypto market rally as investors rotate into altcoins while Bitcoin consolidates near recent highs. With macro conditions easing and ETF flows staying strong, ETH is now within striking distance of its all-time high, fueling speculation of a bullish breakout in Q3.
Ethereum Climbs to $3,340, Up 20% This Week
Over the past seven days, Ether has gained more than 20%, trading above $3,340 on Thursday morning after a strong 8.1% daily move. Momentum has been fueled by cooling U.S. inflation data, a weakening dollar, and continued inflows into crypto investment vehicles.
Traders are closely watching the $3,500–$3,600 resistance zone, as a break above could trigger a price discovery phase and lead to retests of previous highs.
Bitcoin Holds Steady Amid ETF-Driven Support
Bitcoin (BTC) remained stable near $118,400, up 6.6% on the week, though daily gains cooled to 0.4%. The market’s risk-on sentiment remains intact, supported by ETF inflows, which notched their tenth consecutive day of net gains, totaling $799 million on Wednesday.
BlackRock’s IBIT ETF led the pack with $763 million in inflows, reinforcing the asset’s long-term institutional demand, even as some profit-taking emerged near the $120,000 mark.
Altcoins Rally With ETH as Profit-Taking Hits BTC, BNB, SOL
- XRP continued to rise, gaining 6.4% to reach $3.09, with a 27% seven-day performance.
- Dogecoin (DOGE) gained 6% to trade just above $0.21, sustaining momentum from whale accumulation.
- BNB rose 3% to $708, while Solana (SOL) ticked up 5% to $170 amid ecosystem buzz.
- TRON (TRX) gained 3.7%, now trading around $0.31.
Despite a slight slowdown in Bitcoin and BNB, the broader market trend points to continued rotation into altcoins, especially those with active development and growing on-chain metrics.
Macroeconomic Backdrop Favors Crypto Continuation
The broader macro environment remains crypto-friendly:
- U.S. CPI data eased, reducing expectations for immediate interest rate hikes.
- The U.S. dollar index (DXY) is down 10% year-to-date, boosting dollar-denominated crypto assets.
- Traditional equities saw mild weakness, with investors rotating into digital assets and commodities.
Outlook: All Eyes on Ether’s Next Move
With ETH outperforming the majors, the market is watching closely to see if it can break above $3,500 and enter a new bullish cycle. Traders note seasonal slowdowns may occur in August, but ETF flows and macro trends remain strong tailwinds for continued growth.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.