- The Ethereum ETF started trading in the global crypto market at press time.
- ETH coin price has accumulated in a small zone and might explode soon.
The custodial wallet inflows in Ethereum reached an all-time high of 714K ETH worth $2.4B on the 23rd of July 2024.

ETH Permanent Holders Inflows | Source: CryptoQuant
That metrics behavior showed a change in the dynamics of the Ethereum ecosystem with the ETF and increased adoption. When writing, ETH hit $1B in trading volume ten hours ago.
Following the last 24 hours, a surge of 19% was recorded in the coin’s spot trading volume. Additionally, a rise of 80% in the coin’s derivatives volume was witnessed.
This surge in the derivatives volume represented traders and investors expecting a huge move in Ethereum in a short period.
As the Ethereum coin price was trading in a small range, its market cap witnessed a slight decline of 0.17%. Its market cap value has been $414.549B.
Being the second largest cryptocurrency in the global crypto market, it has a strong market presence with a market cap dominance of 17.26%. The coin’s supply inflation was also very low at -0.24%.
Ethereum Coin Onchain Derivatives Data Analysis
As per Chain Broker, Ethereum’s performance metrics were strong, and the security score was also outstanding, resulting in 96.23. The coin further belongs to the AAA tier and is ranked 2nd as per Certik Skynet.

On Chain Data Overview Of Ethereum | Source: ChainBroker/IntoTheBlock
83% of Ethereum holders have been in profit, and the total number of coin holders is 340.563M.
While most coin holders have been in profit, 11% of the holders were sitting out of the money, and only 5% were at “at the money.” Also, the coin’s large holder concentration has been 51%, and the average revenue per user has advanced by 286% in the last 30 days.
ETH Coin Technical Analysis
In the last 20 days, the ETH coin’s price has advanced by 25%, followed by the formation of strong bullish candles on the daily chart.

ETH Coin Daily Price Chart | Source: TradingView
The overall ETH coin price structure looked strong and bullish. It has formed a small consolidation zone after consistently advancing to higher levels over the last few days.
If the ETH coin price further breaks above the consolidation in the future, a strong surge in the coin’s price might be witnessed.
ETH/USD Chart by TradingView
The 50-day and the 200-day EMAs traded in a golden crossover, and the price also traded above the following EMAs. That exhibited a bullish character of the price.
The MACD and the signal line have also advanced to the bullish trajectory and have formed bullish histograms on the chart.
The RSI value also closed above the 50 level on the daily chart. It further was trading at a level of 54.6. That exhibited buyers’ dominance over the price of the coin.
Ethereum Poised for Potential Price Surge
Ethereum’s ETF launch and record-high custodial wallet inflows signal strong bullish sentiment.
With a significant rise in trading volumes and technical indicators favoring upward momentum, Ethereum is poised for a potential price surge.
High profitability among holders and strong on-chain metrics further underscored its robust market position.
If the ETH coin’s price slips to the lower level, it might take support at the levels of $2600 and $2825. Also, the coin’s resistance levels on the higher side have been $4085 and $5500.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Rajat is an MBA graduate specialized in finance who is a motivated self-starter, highly organized, and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. His primary focus is on cryptocurrency price analysis and industry news coverage.