Ethereum Soars as Robinhood Unveils New Blockchain with Arbitrum Tech
ethereum Sees Positive Momentum Amid Institutional Interest and Innovations
Ether Price Movement and Market Dynamics
In the last 24 hours, ethereum‘s price has increased by 3.5%, reaching $2,519 as of 18:59 UTC on June 30. This rise is attributed to sustained institutional interest, ongoing network enhancements, and significant integrations with retail platforms.
Recent data from CoinShares indicates a strong appetite for ether, with $429 million in net inflows into ether investment products recorded over the past week, contributing to nearly $2.9 billion year-to-date. This influx aligns with a decrease in the available ETH supply on exchanges and an uptick in staking activities, with over 35 million ETH—approximately 28% of the total supply—now secured in proof-of-stake contracts. Analysts believe these trends are tightening the liquid supply, thereby strengthening the long-term investment case for ether.
Robinhood’s Blockchain Initiative and ethereum‘s Future
On Monday, Robinhood unveiled plans to create its own Layer-2 blockchain utilizing Arbitrum’s rollup technology. Although the network is still in development, it aims to facilitate ethereum staking, tokenized stock trading, and perpetual crypto futures. This decision to build on ethereum’s rollup ecosystem is viewed as a significant endorsement of ethereum’s scalability potential.
Additionally, Vitalik Buterin, co-founder of ethereum, has introduced a new digital identity framework leveraging zero-knowledge proofs. This innovative system enables users to verify certain traits or credentials without disclosing personal information, aiming to enhance privacy in Web3 applications. Analysts consider this a pivotal advancement for the broader adoption of decentralized applications that require secure user authentication.
ethereum Community Conference Highlights
The ethereum Community Conference (EthCC) commenced in Cannes, France, attracting over 6,400 participants and 500 speakers. This event highlights the ongoing momentum among ethereum developers, featuring discussions on new tools, scaling solutions, and protocol enhancements.
Technical Analysis Overview
Despite the positive developments, ETH remains just below its 200-day moving average, indicating that some technical challenges persist. Nevertheless, the combination of inflows, developer advancements, and scaling initiatives continues to foster an optimistic outlook for the cryptocurrency.
Key Technical Insights
- Ether fluctuated between $2,438.50 and $2,523 from June 29 at 19:00 to June 30 at 18:00, reflecting a 3.47% trading range.
- The most significant price surge occurred between 22:00 and 23:00 UTC on June 29, when ETH jumped 2.9% on a volume of 368,292 ETH, briefly surpassing the $2,500 mark.
- On June 30 at 15:00 UTC, ETH found robust support around $2,438, confirmed by above-average trading volume, indicating a bullish trend.
- A local peak of $2,523 was achieved earlier in the day, establishing resistance just above the key psychological level of $2,500.
- During the final hour from 18:00 to 18:59 UTC on June 30, ETH retraced from an intraday high of $2,499.19 to close at $2,487.19.
- A notable upward movement between 18:20 and 18:21 saw ETH rise by 1.6% on a volume of 6,318 ETH, stalling near $2,499.
- As of 20:23 UTC on June 30, ETH was trading at $2,519, marking a 3.49% increase over the past 24 hours, signaling renewed bullish momentum as the Asia market opens.
Disclaimer
This article includes content generated with the assistance of AI tools and has been reviewed by our editorial team to ensure accuracy and compliance with our standards. For further details, please refer to CoinDesk’s comprehensive AI Policy.
