Ethereum recovery slows as $1,850 remains key barrier
Ethereum continues to show early signs of recovery as on-chain activity improves and spot ETFs record renewed inflows. However, institutional demand remains too weak to confirm the start of a sustained uptrend.
One of the most positive developments in recent days has been the continuation of inflows into U.S. spot Ethereum ETFs. According to SoSoValue, the funds recorded net inflows of more than $20 million. However, this amount remains relatively modest and does not yet indicate a full return of institutional capital.
Meanwhile, Ethereum's on-chain metrics continue to improve. The number of active addresses has climbed back above 440,000, pointing to a gradual increase in user activity. Historically, this has been one of the earliest signs of a recovery in network usage.
Another encouraging signal is the continued decline in the amount of ETH held on centralized exchanges. Exchange balances are now hovering near multi-year lows at approximately 15.5 million ETH.
Lower exchange reserves reduce the amount of ETH readily available for sale, helping to ease potential selling pressure.
Ethereum needs to break $1,850 to extend the recovery
Ethereum has tested the 50-day simple moving average (SMA) but has so far failed to establish itself above this level. The $1,800–1,850 range remains the nearest resistance zone and is likely to determine the next directional move.
A breakout above this area would increase the probability of a rally toward the psychological $2,000 level. Otherwise, the risk of a correction toward the $1,700–1,750 support zone will increase.
At the same time, trading volume has not risen meaningfully since the beginning of July, indicating that fresh capital has yet to enter the market in force. As a result, the current advance from the recent low still appears to be a technical rebound rather than a genuine medium-term trend reversal.
Ethereum still follows Bitcoin's lead
Despite gradually improving on-chain fundamentals, Ethereum has yet to receive sufficient confirmation from institutional demand, and its price action continues to depend heavily on Bitcoin.
Until Bitcoin confirms a sustained bullish trend, Ethereum's upside potential is likely to remain limited.
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