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BTC 
ETH In the past 24 hours, Ethereum prices have fallen by about 4% to about $1835 from a brief breakthrough of around $1930 earlier this week. Despite the correction, two market analysts pointed out short-term upside based on different indicators, although one believes that this rally will be followed by a deeper correction before starting a new bull market.
Ethereum Market Roadmap
When observing Ethereum's historical performance around the 0.8 times MVRV pricing band, analyst Ali Martinez found that in the past six years, whenever the asset regained this price band as support, it tended to rebound to or even above its actual price level many times. After briefly falling below the 0.8 times MVRV price band, Ethereum has now rebounded above that level. This prompted Martinez to point out that if the historical pattern repeats itself, the next key price to pay attention to will be its actual price-$2245.
On the other hand, Tony Research said that after Ethereum reached $1900, the market is developing in accordance with his previous expectations. The analyst believes that the current correction to the $1800 range will usher in a rebound to $2000. If Bitcoin climbs to $70000, Ethereum may rise further to about $2200. After that, Tony Research expects a 7 to 10-day distribution period, after which Ethereum will fall to the final bottom range between $1260 and $890. The analyst believes that this is an opportunity to make a fixed investment before the new bull market target of $7000. Ethereum may also briefly test its 2022 lows and use a lower shadow line to bottom out, but it will not break the overall trend. The analyst explained that this outlook depends largely on Bitcoin's performance.
ETF fund inflows stagnate
On the institutional side, the U.S. spot Ethereum ETF experienced a net outflow of more than US$28 million after two consecutive days of net inflows. Grayscale's ETH recorded the largest divestment, nearly $14.3 million, followed by Fidelity's FETH with an outflow of $11 million, and Grayscale's ETHE with an outflow of $4.8 million. On the other hand, Bitwise's ETHW was the only fund attracting new capital, with an inflow of $2.3 million, according to data compiled by SoValue. Despite this, the overall trend remained positive in July, with total net inflows exceeding US$190 million. So far this year, these funds have seen net outflows in five months, with net inflows only in April and July.
