Ethereum’s recent price surge seems to be hitting a speed bump just as spot Ethereum ETFs are seeing some of their strongest inflows yet.
On July 22, Ethereum ETFs brought in a massive $533.87 million, marking the third-largest daily inflow since these products launched, according to SoSoValue. Total inflows now sit at $8.32 billion, underscoring the rising institutional appetite for Ethereum.
BlackRock’s ETHA led the charge with $426.22 million in fresh capital and now manages over $10 billion in assets. Grayscale’s ETF followed with $72.64 million, and Fidelity’s FETH added another $35.01 million.
Across all Ethereum ETFs, trading volume hit $1.97 billion that day. In contrast, Bitcoin ETFs actually saw net outflows of $67.93 million, signaling a clear shift in interest toward Ethereum. Institutions are increasingly drawn to ETH, not just as an asset, but as the foundation of DeFi and real-world asset (RWA) tokenization.
Firms like Franklin Templeton and BlackRock are already leveraging Ethereum’s network to tokenize assets like bonds and funds. And it doesn’t stop there—companies such as BitMine Immersion Technologies and SharpLink Gaming are even adding ETH to their treasury reserves.
As of July 23, Ethereum hosts more than $7 billion worth of tokenized assets, accounting for 54% of the entire market share in this segment.
Yet, despite the strong fundamentals and capital inflows, Ethereum’s price action is showing signs of fatigue. ETH is hovering near $3,700, down slightly after reaching a weekly high of $3,845. Over the past week, ETH has gained 17%, and a whopping 64% over the last month but the momentum may be fading.
Trading volume is down 15% in the past 24 hours, and derivatives volume has also dropped by 13%, according to Coinglass. Open interest is down 4%, signaling that traders may be taking profits or sitting on the sidelines.
Technically, Ethereum still looks strong in the long term—it’s trading above all major moving averages. But in the short term, things look a bit overheated. The Relative Strength Index (RSI) is sitting at 81.6, which is well above the overbought threshold. Other indicators like the Commodity Channel Index (CCI) and Stochastic oscillator are flashing “sell” signals as well. However, the MACD still shows the broader trend remains bullish.
So what’s next?
If Ethereum can break past $3,850, the next major target is $4,000. But if it fails to hold the $3,500 level, there’s a chance it could pull back toward $3,250 or even $3,100 before finding solid support.
In short: the fundamentals are strong, institutional support is growing, but short-term traders might want to brace for a breather before the next leg up.
