Ethereum price gains as ETF inflows continue, but demand stays weak
Ethereum continues to recover as inflows into spot ETFs resume and the ETH/BTC ratio strengthens. However, institutional buying remains limited, and the $1,750 resistance level could prove to be the next major test for the rally.
A positive development for Ethereum has been the continuation of inflows into U.S. spot Ethereum ETFs. According to SoSoValue, net inflows reached $29 million on July 2, signaling renewed interest from institutional investors.
However, the amount remains relatively modest, suggesting that the recent buying reflects stabilization in market sentiment rather than the return of strong institutional demand.
Another encouraging sign is the strength of the ETH/BTC pair, which has risen for six consecutive trading sessions. This suggests a gradual rotation of capital from Bitcoin into Ethereum and an improvement in ETH's relative strength.
That said, the ratio remains at historically low levels, indicating that the current move is more likely a technical rebound than the beginning of a new trend. There are still no clear signs that a full-fledged altcoin season has begun.
Resistance near $1,750 becomes the next major test for buyers
Ethereum has successfully broken above the key $1,650 resistance level, invalidating the scenario outlined in our previous analysis.The next major resistance stands at $1,750. If buyers manage to push above this level, the probability of a move toward the 50-day simple moving average (SMA) near $1,827 will increase significantly.
However, caution is warranted. Current candlestick patterns suggest that a short-term pullback may be approaching. If trading volume does not increase meaningfully near $1,750, the likelihood of a correction will rise.
The medium-term downtrend remains intact. For Ethereum to enter a genuine accumulation phase, the price will need to reclaim the $2,000 level.
Recovery still needs confirmation
Despite the improving short-term technical picture, the recovery has yet to be confirmed by stronger fundamentals. ETF inflows have resumed, but they remain too small to signal the return of sustained institutional demand.
At the same time, the strengthening ETH/BTC ratio points to improving relative performance for Ethereum and could become one of the earliest signs of renewed interest in the altcoin market.
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