Why is Ethereum up today (July 31)?
Ethereum is holding firm at $3,858 on July 31 after a decisive breakout from a multi-week descending channel.
The move was supported by a clear shift in short-term structure, with the price climbing above the 20/50/100/200 EMA cluster, now acting as a key support zone between $3,808 and $3,821. This breakout follows a successful rebound from the $3,742 demand area and a Change of Character (CHoCH) signal under Smart Money Concepts. Traders are now watching the $3,920 to $3,960 supply zone, a region identified as a weak high that may be tested in the near term. The series of higher lows and repeated mid-channel retests underscore growing buyer control.
On-chain data supports accumulation narrative
Ethereum’s bullish price action is backed by encouraging on-chain data. According to readings from July 31 at 05:30 UTC, ETH saw a $33 million net inflow as the asset reached $3,865—marking a break from the recent trend of net outflows during price surges. Such inflows suggest renewed institutional interest and potential whale accumulation. Historically, net inflows during consolidation phases often precede sustained uptrends. As long as ETH holds above the EMA cluster, the structure remains constructive, though any failure at the $3,920–$3,960 range could trigger a drop back to the $3,742 support zone.
Analysts point to multiple tailwinds driving ETH strength
Analyst Anton Kharitonov attributes Ethereum’s breakout to a mix of technical and fundamental drivers. He notes that spot ETF inflows are steadily reducing circulating supply, while a recent short squeeze in derivatives markets has accelerated upward momentum.
Kharitonov stated:
"Ethereum remains in a steady bullish trend. I expect the altcoin to gain at least another 20% in August."
Large wallet holders, or whales, are reportedly withdrawing ETH from exchanges—a sign of long-term accumulation. Meanwhile, optimism around Ethereum’s upcoming Pectra upgrade is enhancing sentiment, especially as macro conditions like stable U.S. interest rates and a strong tech sector continue to support risk assets. Together, these factors are building a foundation for Ethereum to challenge higher resistance levels in the sessions ahead.
Recenty we wrote that Ethereum is holding above $3,850 on July 31 after successfully breaking out of a multi-week descending channel.
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