Ethereum Rallies on Institutional Demand Amid Glamsterdam Upgrade Buzz
Ethereum (ETH) extended its rally to Thursday, climbing by 1.08% to $2,488.71, outperforming a slightly negative Bitcoin and showing independent strength.
The surge is primarily driven by sustained institutional demand via spot ETF inflows, with U.S. spot Ethereum ETFs recording their seventh consecutive day of net inflows, amounting to $180 million in a single day.
Total August subscriptions have surpassed $1.2 billion, directly absorbing circulating supply and providing a steady bid under the price.
The move extends a powerful weekly rally, with Ethereum breaking out from around $1,950 and triggering heavy liquidations of bearish derivatives positions.
The key Fibonacci 23.6% retracement level at $2,374 now acts as immediate support for ETH, which is testing near-term resistance after its rally.