Ethereum was trading at about $1,865, stabilising after making a significant comeback from its June lows. The asset has maintained an upward trajectory, consistently achieving higher highs and higher lows throughout July, prompting traders to closely monitor its potential to reclaim the significant $2,000 threshold. Supporting that recovery, U.S. spot Ethereum ETFs recorded a second consecutive week of net inflows, indicating a resurgence in institutional demand following several weeks of ongoing outflows. Spot Ethereum ETFs experienced net inflows of $105.44 million during the week ending July 17, an increase from the $84.42 million recorded the prior week. The consecutive inflows signify a significant change following a period of five straight weeks characterised by net outflows from mid-May to late June.
Meanwhile, cumulative net inflows increased to $11.08 billion, while total ETF assets amounted to $9.97 billion, positioning the sector just below the $10 billion threshold. BlackRock’s ETHA continued to be the foremost driver of institutional demand. The fund recorded $31.68 million in daily inflows on July 17 and managed $5.22 billion in net assets, representing over half of the U.S. spot Ethereum ETF market. Fidelity’s FETH experienced an addition of $5.05 million, whereas the other funds saw minimal or negligible net flow throughout the session. The weekly chart indicated that Ethereum is persisting in its recovery from the decline observed in June, as buyers have effectively reclaimed the $1,800 region.
However, the broader trend has yet to fully adopt a bullish stance. Weekly RSI remained around 40, indicating that momentum has improved from oversold conditions but is still below the neutral 50 level. On the daily timeframe, the outlook appeared more favourable. ETH’s RSI rose to approximately 58, indicating a strengthening of buying momentum while remaining within the neutral range. Price action continued to form higher highs and higher lows throughout July, indicating that buyers have gradually regained control following June’s sell-off. The immediate challenge remains the 1,900 resistance zone. A significant break above that level might pave the way for the psychological $2,000 mark, which is also a significant region of prior supply.
On the downside, the reclaimed $1,800 level now functions as the primary significant support. Maintaining a position above this level would bolster Ethereum’s enhancing short-term framework. Simultaneously, a decline beneath $1,900 may initiate another phase of consolidation prior to buyers making another attempt at a breakout. With institutional inflows returning and technical momentum strengthening, Ethereum’s recovery seems to be gaining traction. Whether that translates into a move above $2,000 will likely depend on buyers sustaining pressure over the forthcoming sessions.