Ethereum Price Surges to $2,510 as Stablecoin Inflows and ETF Buying Fuel Rally
The Ethereum price has reclaimed the $2,500 level due to an expansion in stablecoin supply and exchange-traded funds (ETFs) inflows. Over the past two weeks, the total stablecoin market cap has increased by roughly $4.1 billion.
Between mid-May and August 11, the stablecoin market contracted by approximately $16.1 billion. The recent growth in stablecoins indicates new money is flowing into the crypto market, providing investors with more buying power.
US spot ETH ETFs have pulled in $1.18 billion in net inflows over eight consecutive trading days, their longest positive streak since April and largest eight-day flow since October.
The Ethereum price has been consolidating above the $2,430 support level. However, momentum readings are stretched as the 14-day Relative Strength Index (RSI) hovers near 77 and the Stochastic Oscillator climbs above 90.