The rally follows a string of weak economic indicators, including U.S. nonfarm payrolls that rose by just 57,000 in June, far below market expectations. This data tempered projections for Federal Reserve rate hikes, driving capital back into high-beta assets. Institutional appetite has simultaneously improved, with spot Ethereum ETFs snapping an eight-week outflow streak by attracting $29.1 million in net inflows, largely driven by BlackRock’s ETHA.
Technical signals offer a mixed outlook for the coming sessions. Ethereum has reclaimed the 0.786 Fibonacci retracement near $1,704, yet it remains pinned beneath a descending trendline that has suppressed rallies since May. While the daily Supertrend resistance sits at $1,807, short-term momentum shows signs of cooling; the 4-hour MACD has produced a bearish crossover, suggesting the initial post-rebound fervor is moderating. Analyst Daan Crypto Trades noted that a daily close above $1,800 is required to confirm a genuine shift in market structure.
Market participants are currently focused on liquidation clusters. A significant concentration of short positions exists just above the $1,800 mark, creating a scenario where a breakout could trigger forced liquidations and accelerate upward movement. Conversely, analyst Ali Martinez warns that the current hourly Tom DeMark Sequential buy signal relies entirely on maintaining the $1,750 floor. A slide below that support would likely invalidate the bullish setup and risk a retest of swing lows near $1,560, especially if future inflation data forces a hawkish pivot from the Federal Reserve.
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