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Ethereum (ETH) Hits Six-Month High as ETF Inflows and Network Growth Ignite Bullish Momentum
Ethereum (ETH) is nearing a critical milestone, with its price on the verge of surpassing $3,500. This surge marks a six-month high, largely fueled by unprecedented inflows into Ethereum-focused ETFs and a surge in on-chain activity, raising bullish expectations. Analysts predict that ETH could skyrocket to $7,000–$10,000 this cycle, supported by strong technical and market fundamentals.
Massive ETF Inflows Propel ETH Price to Multi-Month Highs
Ethereum witnessed a remarkable rally on July 17, climbing over 10% to achieve $3,481, according to Binance data. This price surge represents a 25% gain in just one week, pushing ETH to its highest value since January.
Institutional demand has been the centerpiece of Ethereum’s recent success. Data from Cointelegraph Markets Pro and TradingView highlights that ETH spot ETF inflows have been a game-changer. On July 16, spot ETH ETFs recorded an impressive $727 million in inflows, with BlackRock leading the charge at $499 million, representing nearly 69% of the total invested capital.
Prominent crypto analyst Blazy Crypto commented on this trend, noting, “This is not just retail speculation—it’s major institutions stepping in. We’re witnessing a financial battle.” Similarly, MikeyBull Crypto, another renowned crypto strategist, emphasized the scale of this movement by calling it the largest ETF inflow since spot offerings began. “If the momentum persists, Ethereum still has massive upside potential,” he stressed.
Over the past five trading sessions, spot ETH ETFs have accumulated more than $1.76 billion in inflows, representing roughly 4% of Ethereum’s total circulating supply. This robust investment underscores the growing institutional confidence in ETH’s long-term potential.
On-Chain Activity and DeFi Growth Reflect Ethereum’s Expanding Usage
Ethereum’s network metrics mirror its price momentum, showcasing significant growth in on-chain activity. Data analytics platform Nansen revealed that over the past 30 days, active Ethereum wallets increased by 9.4%, while single-day wallet activity climbed 2% to 1.49 million addresses. Meanwhile, daily active wallets spiked 6.7%, reaching 463,880.
Moreover, Ethereum network fees have seen a sharp rise, underlining increased utility. Over the last week, transaction fees surged 139%, reaching $14 million. Since July 5, daily fees have grown an astonishing 475%, hitting $31,100. This growth has been driven by the rising adoption of decentralized applications (dApps), Layer 2 scaling solutions, and decentralized finance (DeFi) platforms.
DeFi’s total value locked (TVL) on Ethereum-based platforms has also demonstrated significant upward momentum. According to data from DeFiLlama, Ethereum’s TVL increased by 36% in just three weeks, surging from $57.2 billion on June 23 to an impressive $78.2 billion on July 17. This figure marks the highest TVL level on Ethereum in three years. Currently, Ethereum commands 58% of the total DeFi market share, leaving competitors like Solana (7.2%) and Binance Smart Chain (5%) far behind.
Bullish RSI Points to $10,000 Potential for Ethereum
Ethereum’s technical indicators support the optimistic price narrative. The three-week Relative Strength Index (RSI) has recently crossed above the 40-point threshold, a signal historically associated with major buy opportunities. Notably, previous instances of a similar RSI position preceded a 1,360% rally in 2021 and a 350% surge during the 2023–2024 period.
Crypto expert MikeyBull Crypto called this RSI signal a “golden opportunity,” stating, “Right now is the time to pay attention—there’s strong potential to double your investment from these levels.” He further projected that ETH could soar to $7,000–$10,000 if the RSI reaches its upper threshold.
Other market analysts share this bullish outlook, citing a confluence of factors, including rising ETH/BTC strength, sustained ETF inflows, institutional activity, and resilient investor sentiment. These drivers have strengthened the case for Ethereum to surpass the $10,000 mark during this market cycle.
With a combination of booming ETF interest, technical indicators aligning, and growing on-chain utility, Ethereum appears poised for further upside. While the crypto markets are never devoid of volatility, the factors fueling this rally suggest that ETH could be well-positioned to not only retest its all-time highs but potentially chart new records.
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