Overview
- ETH rallied about 11–14% in early July, forcing more than $300 million in trade liquidations as prices climbed from late-June lows.
- The token is trading near the critical $1,800 zone that analysts say must be cleared and held to confirm a broader recovery and open higher targets.
- Spot Ethereum ETFs recorded net inflows on July 6 led by BlackRock’s ETHA at roughly $29 million, which helped power the short-term bounce.
- On-chain data shows distribution risk: exchange net position change flipped positive on July 5, major exchanges hold elevated ETH balances, and holder accumulation has declined.
- Derivatives open interest has fallen sharply from its October 2025 peak to roughly $11.2 billion, which lowers forced-leverage risk but also signals weaker market conviction and leaves ETH exposed to renewed selling toward the $1,700–$1,500 range if demand fades.