ETH (Ethereum) rose 6.30% in the last 24 hours.

Gate News Bot news, July 11, according to CoinMarketCap, as of the time of writing, ETH (Ethereum) is currently priced at 2938.28 USD, with a rise of 6.30% in the last 24 hours, reaching a maximum of 2995.15 USD and a minimum of 2475.75 USD. The 24-hour volume has reached 33.95 billion USD. The current market capitalization is approximately 354.696 billion USD, an increase of 21.019 billion USD compared to yesterday.

Ethereum is a leading innovative application and blockchain network platform. It provides infrastructure for decentralized applications ( DApps ) and smart contracts, supporting various use cases, including decentralized finance ( DeFi ), NFTs, DAOs, and more. Ethereum is committed to building a more open and permissionless internet, allowing users to directly own and control their digital assets and identities.

Important recent news about ETH:

1️⃣ ETH price breaks through the 3000 USD mark Ethereum price surpassed $3,000 on July 11, hitting a nearly four-month high. This breakthrough is attributed to the strengthening role of ETH as a settlement and tokenization infrastructure, along with strong inflows from ETF funds. Around $3,000, ETH faces strong resistance, while a support area is formed near $2,750.

2️⃣ Institutional investors continue to increase their holdings of ETH Institutional allocation to Ethereum is reaching a critical point. Currently, five publicly visible institutional holders collectively hold 240,000 ETH. BlackRock's ETH holdings have reached $4.45 billion, accounting for 42% of the market share in this sector. This large-scale institutional allocation creates a potential supply squeeze scenario.

3️⃣ ETH spot ETF attracts a large inflow of funds The cumulative net inflow tracked by the US spot Ethereum ETF exceeded $4.5 billion on July 8. From July 1 to July 8, the spot Ethereum ETF attracted a total of $303 million in funds, with BlackRock's ETHA ETF leading the way, attracting $171.8 million. This indicates that institutional investors maintain a sustained interest in Ethereum.

From a technical perspective, ETH is currently in an upward channel but faces strong resistance around the $3000 mark. Investors need to closely monitor the breakthrough of this key resistance level and the overall dynamics of the cryptocurrency market to formulate strategies.

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