Ethereum Hits Weekly High Amid Grayscale ETHE’s No Withdrawal Milestone, Institutional Confidence Grows
The price of Ethereum recently surged to a weekly high. This significant increase correlates with noteworthy news from Grayscale Investments regarding its Ethereum Trust (ETHE). Grayscale has reported that for the first time, ETHE experienced a day with no net outflows, reflecting renewed investor confidence. Additionally, activity on Ethereum’s network, including its layer 2 solutions like Base and Arbitrum, has seen substantial growth. In July alone, about 8.65 million new monthly addresses were added on these networks, contributing to the growing ecosystem. The total value locked (TVL) on layer 2 platforms has reached $37.7 billion, with Ethereum mainnet holding $85 billion in TVL. This positive trend suggests a potential bullish trajectory for Ether’s price, driven by escalating institutional interest and diminished sell pressure.
Bullish
The combination of Grayscale ETHE experiencing its first no withdrawal day and the surging activity on Ethereum’s network indicates growing institutional confidence and increasing user adoption. These factors typically suggest a bullish market sentiment with reduced sell pressure and heightened interest from institutional investors, potentially leading to a positive price trajectory for Ethereum in both the short-term and long-term.