Ethereum faces pullback risk despite rising ETF inflows
Institutional demand for Ethereum continues to strengthen, but it has yet to generate a decisive price breakout. A failed attempt to break above $1,950 and weak trading volumes have increased the probability of a short-term pullback toward $1,900.
Ethereum continues to receive growing support from institutional investors. According to SoSoValue, U.S. spot Ethereum ETFs recorded $72.6 million in net inflows on July 22, marking the fourth consecutive day of positive flows.
Despite accelerating ETF inflows, ETH remains below the key $1,950 resistance level. This suggests that institutional demand alone is not yet sufficient to drive a sustained breakout.
Failed breakout raises risk of a pullback to $1,900
ETH once again failed to break above the $1,950 resistance level, as highlighted in the previous analysis. As a result, the probability of a short-term pullback continues to increase.
The July 22 daily candle formed a doji on relatively high trading volume after four consecutive days of gains. This pattern points to growing market indecision and a potential weakening of buying momentum.
Meanwhile, RSI (14) has approached the levels that preceded local corrections on March 17 and April 18, 2026. At the same time, trading volumes have failed to show sustained growth since early July, suggesting that the current upward momentum still lacks sufficient confirmation.
The key resistance remains $1,950. A decisive breakout and close above this level would open the way toward the psychological $2,000 mark.
However, in the near term, a retest of $1,900 appears more likely, where the short-term ascending trendline is currently located. A break below this support would weaken the current technical structure and increase the probability of a correction toward the $1,800–1,850 range.
U.S. earnings season weighs on crypto market liquidity
Lower trading volumes across the cryptocurrency market may partly reflect a short-term shift in investor attention and capital toward U.S. equities. Earnings season is in full swing, and results from the largest technology companies are generating elevated volatility in the stock market.
Once the key earnings reports have passed, part of that liquidity could return to the crypto market. Until spot trading volumes begin to recover, however, ETF inflows alone are unlikely to be enough to push Ethereum decisively above $1,950.
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