Ethereum (ETH) traded at $3,765.50 on July 29, 2025, hovering below the critical $4,100 resistance level that has capped price advances since December 2024. Despite a 0.14% 24-hour dip, institutional demand remains robust with World Liberty Financial acquiring 77,226 ETH ($296 million) and SharpLink Gaming adding 77,210 ETH ($295 million) to its holdings. Combined, these entities purchased over 150,000 ETH during recent consolidation.
Market structure signals intensify as Ethereum's open interest dominance reaches 40% – its highest since April 2023 – with ETH perpetual futures volume surpassing Bitcoin for the first time since 2022. Spot ETFs recorded 17 consecutive days of inflows, while BlackRock's ETHA ETF now holds 3 million ETH ($11.36 billion) after adding 1.25 million ETH since July 1.
Technical analysis reveals conflicting signals: Bullish MACD momentum contrasts with bearish RSI divergence across four-hour and daily charts. Analysts note that clearing $4,100 could liquidate $930 million in shorts, potentially fueling a rally to the $4,500 resistance (aligned with the +1σ Active Realized Price band that halted rallies in 2021 and 2024). Ali Martinez emphasized that sustained trading above $3,300 support could propel ETH toward $5,140 based on MVRV Pricing Bands, while Michaël van de Poppe anticipates a pullback after testing $4,100.
Whale accumulation continues with nine new wallets acquiring 640,646 ETH ($2.43 billion) since July 9. Market focus now shifts to the Federal Reserve's rate decision and upcoming U.S. crypto policy reports.