Ether Rebounds with Strong Fundamentals

Ethereum's native token ETH demonstrated resilience by bouncing back to $3,600 after a brief dip to $3,500 during Thursday's Asian trading session. Market observers highlight several bullish indicators suggesting the current uptrend may have room to extend, with 【$4,500】 emerging as the next critical resistance level.

Exchange Metrics Reveal Reduced Selling Pressure

CryptoQuant's latest analysis reveals ETH/BTC exchange inflows at historically low levels, indicating significantly less Ethereum hitting exchanges compared to Bitcoin. ——This divergence suggests ETH faces comparatively lower selling pressure——, a factor that could support continued outperformance against BTC. The ETH/BTC ETF holding ratio has simultaneously surged from 0.02 to 0.12 since May, reflecting growing investor preference for Ethereum exposure.

ETF Inflows Break Records

Spot Ethereum ETFs marked their one-year anniversary with a 【$332.2 million】 inflow day — the seventh-best performance since launch. These products have now accumulated 【$8.7 million】 in net inflows, pushing assets under management past 【$16.6 billion】. This demand surge contrasts with spot Bitcoin ETFs, which have seen three consecutive days of outflows totaling $285.2 million.

Key Price Levels to Watch

Glassnode's cost basis model identifies crucial support and resistance zones:

• Support: $2,000-$3,000 range (including realized price at $2,100 and active realized price at $3,000)

• Resistance: $4,500 level representing one standard deviation above active realized price

——Historically, breakouts above $4,500 have coincided with market euphoria phases——, making this threshold particularly significant for traders monitoring ETH's next potential move.

Technical Outlook Remains Constructive

Despite the 9% pullback from recent seven-month highs, analysts maintain a positive outlook. The $3,860 level now serves as immediate resistance, with a successful breach potentially opening the path toward 【$4,000】. Onchain metrics show no signs of distribution that would typically precede deeper corrections, reinforcing the case for continued upside in 2025's second half.