TechFlow news, July 10 — According to Cointelegraph, ETH closed above $2,700 on Wednesday and maintained strong momentum on Thursday, with analysts suggesting it may target the psychological $3,000 level.
Data analytics platform Swissblock noted that ETH's current performance relative to Bitcoin is more bullish than in Q2, potentially signaling the start of altcoin season. Analysis shows increasing capital inflows into Ethereum, along with strengthening ecosystem narratives, contrasting with Bitcoin's weakness.
Open interest in Ethereum futures on the Chicago Mercantile Exchange (CME) has risen to $3.27 billion, the highest since February 2, indicating a clear rise in institutional demand. Meanwhile, spot ETH exchange-traded funds (ETFs) have recorded eight consecutive weeks of net inflows, accumulating over 61,000 ETH during this period.
Technically, Ethereum is attempting to break through the long-term resistance zone of $2,650 to $2,750. A successful breakout could pave the way toward $3,000. However, cryptocurrency analyst Maartunn warned that ETH futures open interest surged over 10.6% on Tuesday, signaling rising speculative sentiment, with historical precedents showing similar leverage spikes often followed by price corrections.
