Both institutional and speculative demand are driving ETH higher as investors buy the news on major regulatory progress, adding weight to the end-of-cycle Ethereum price outlook.
Geopolitical and macroeconomic FUD no longer clouds the narrative, with ever-closer regulatory clarity fueling a capital rotation into the altcoin market.
Markets are now pricing in “Crypto Week,” as the U.S. House vote flips to advance the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act.
This shift has seen a tangible impact: Wednesday marked the highest ever inflow day for spot ETH ETFs, with $726.6 million flowing in—a strong vote of confidence from traditional finance.
Coinglass data shows Ethereum open interest has soared to a record $46 billion, surpassing the peaks of the post-US-election and post-inauguration rallies as regulatory promises deliver.
Ethereum Open Interest reaches record-high. Source: Coinglass.
This derivatives activity has amplified upside volatility, as $145 million in short liquidation during Wednesday trading triggered a short squeeze, pushing Ethereum’s weekly gain past 20%.
Ethereum Price Analysis: Can the Rally Continue Through July?
The Ethereum price rally stands to continue, with a full breakout from an ascending broadening wedge pattern still unfolding.
ETH / USDT 1-day chart, ascending broadening wedge. Source: TradingView, Binance.
The pattern sets a local top target around $3,750, the highest level reached by Ethereum year to date, but faces tough resistance today around $3,480 as buy pressure begins to show its cracks.
The RSI now sits deep in overbought territory at 82, underscoring that the prevailing trend remains firmly bullish despite the near-term friction.
Still, the MACD line continues to widen its gap above the signal line, a strong sign that an uptrend is the prevailing trend despite some friction.
The immediate 0.786 Fibonacci retracement level at $3,190 is the most credible support, marking a correction of 6.3% that could form a base for the next move once volatility tapers off.
From there, a decisive move above $3,480 would confirm a bullish continuation toward the $3,750 target—a potential 20% climb from current levels.
A further advance would place ETH on track to retest its all-time high at $4,100 and potentially enter a price discovery phase, though this likely depends on final approval of the 3 crypto bills.
HODLers are Opting For This New Self-Custody Solution – Here’s Why
With a market shift towards accumulation, HODLers are taking their bags off exchanges to self-custody solutions like MetaMask and Exodus, and increasingly, Best Wallet ($BEST).
But it’s more than just a wallet. It introduces innovative tools like “Upcoming Tokens,” a crypto screener that helps users spot early opportunities while they still fly under most investors’ radar.
This utility extends to TradFi with Best Card, replacing the traditional debit card, allowing seamless real-world transactions using stablecoins anywhere that Mastercard is accepted.
This vision has already attracted almost $14 million in initial funding for its $BEST utility token. Its app is already featured on Google Play and the App Store.
To learn more about Best Wallet, follow its official X, Telegram, or visit the Best Wallet website.
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