ETH (Ethereum) rose 6.19% in the last 24 hours.

Gate News Bot news, August 8, according to CoinMarketCap data, as of the time of writing, ETH (Ethereum) is currently priced at $3902.26, with a 6.19% rise in the last 24 hours, reaching a highest of $3936.50 and a lowest of $3357.94, with a 24-hour volume of $40.577 billion. The current market capitalization is approximately $471.039 billion, an increase of $27.478 billion compared to yesterday.

Ethereum is a leading innovative application and blockchain network platform. It provides infrastructure for decentralized applications (DApps) and smart contracts, enabling developers to build various applications, including stablecoins, decentralized finance (DeFi), NFTs, and more. The Ethereum ecosystem has the largest and most active developer community, making it the center of blockchain innovation.

Important news about ETH recently:

1️⃣ Institutional investment enthusiasm continues to rise Multiple global institutional investors have significantly increased their holdings of ETH. SharpLink has added 10,975 ETH (worth $42.79 million), bringing its total ETH reserves to 532,900, with a total value exceeding $2 billion. Fundamental Global Inc. has submitted a $5 billion shelf registration for issuance, intended for the acquisition of ETH. This indicates that institutional investors are optimistic about the long-term prospects of ETH, providing strong support for the ETH price.

2️⃣ ETH ETF inflow is significant On August 7, the ETH ETF products recorded a net inflow of 4,116 ETH (approximately $15.87 million). Among them, the iShares ETH ETF issued by BlackRock had a net inflow of 9,077 ETH (approximately $34.99 million) in a single day, bringing the total holdings to 2.96 million ETH. The continuous capital inflow into ETF products reflects the positive attitude of institutional investors towards ETH, which helps to drive the price of ETH up.

3️⃣ Ethereum network activity hits all-time high On August 5, the daily trading volume of Ethereum (7-day moving average) reached 1.74 million transactions, setting a new historical record. In July, the total trading volume on the Ethereum network reached 46.67 million transactions, also setting a new historical high. On August 5, the number of active addresses surged to 683,520, approaching the historical record. The significant increase in network activity reflects the vigorous development of the Ethereum ecosystem, providing a solid foundation for the rise in ETH prices.

From a technical perspective, the ETH price has broken through the 3900 USD level, the MACD indicator shows a short-term bullish signal, and the RSI is at 58.41, indicating stable market sentiment. In the short term, ETH may continue to oscillate and consolidate in the 3800-4000 USD range. If it can break through the 4000 USD resistance level, it is likely to initiate a new round of rise.

This message is not intended as investment advice; investors should be aware of market volatility risks.