Ethereum Price Holds Firm Near $1,920 as Weekly ETF Inflows Surge to Record High

Ethereum's price has held steady around $1,920 this week as investors saw the strongest weekly inflows into U.S. spot ETH ETFs since April, totaling $244.94 million.

The surge in demand for Ethereum was driven by BlackRock's ETHA product, which absorbed $50.34 million of that total on August 6 alone.

A weaker-than-expected U.S. jobs report also contributed to the bullish sentiment, as it reduced expectations for further Federal Reserve rate hikes and created a more permissive environment for risk assets.

Technically, Ethereum has reclaimed its key moving averages but still lags behind its 200-day moving average at $2,061.