The price of Ethereum has soared above $3,150 for the first time in 23 weeks, and the betting markets are now pricing in a 74% probability that it will hit $3,300 before the end of July.
This strong bullish conviction comes as a wave of institutional money continues to flood into the asset. The large-cap altcoin surged 5.53% in the past 24 hours to trade at about $3,141 on Wednesday.
According to market data analysis from Coinglass, Ether price has recorded an average gain of 7% in July since 2016, despite posting more bearish monthly returns of July in the past.
Related: Ethereum (ETH) Price Prediction for July 17
Following the enchanting bullish breakout of Ether against Bitcoin and the U.S. dollar, Polymarket traders think there is a slim chance, 3% odds, for a capitulation to $2,200.
Top Reasons Why Ethereum Price Will Soar in July
The top reason for the price surge is the renewed and growing demand from institutional investors. The U.S. spot Ether ETFs have recorded a net cash inflow of about $1.55 billion in the first two weeks of July alone, according to market data from Sosovalue.
BlackRock’s ETHA has led the U.S. spot Ether ETFs in recording around $3.34 billion in net cash inflows since April.
Related: Ethereum Price Eyes $3.5k Next Fueled By Renewed Demand from Institutional Investors
The Ethereum network has also attracted corporations looking to hold Ether in their treasuries. For instance, SharpLink Gaming announced a successful acquisition of 74,656 Ether between July 7 and 13, which increased its total treasury holdings to 280,706 ETH.
According to market data analysis from defillama, the Ethereum network remains the undisputed leader in the DeFi ecosystem, with about $74 billion in total value locked (TVL) and over $125 billion in stablecoins market cap.
What the Charts Say
Ethereum price has signaled macro bullish sentiment following the recent rebound above $3k. The large-cap altcoin, with a fully diluted valuation (FDV) of about $373 billion, has broken out of a micro megaphone structure, which has a short-term target of around $3,500 next.
The bullish sentiment is bolstered by the daily MACD line, which recently surged above the zero line amid increasing bullish histograms. Additionally, the daily Relative Strength Index (RSI) has surged above the 70 level, which suggests the buyers are in control.
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