Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ARB 
BTC 
ENA 
ETH 
MNT Key Points
Despite the rise in ETH prices, weak on-chain activity and sluggish DEX trading volumes suggest traders are cautious.
Ethereum pledge rate hit a record 34%, reducing selling pressure, but continued rise requires an external catalyst.
Ethereum (ETH) tested the $1,950 level for the first time in seven weeks on Tuesday, triggering a $62 million liquidation of leveraged short positions. A 29% gain since a June 26 low of $1,500 is consistent with broader risk appetite sentiment that has pushed Bitcoin (BTC) above $66,500. Can ETH exceed US$2,100?
Total cryptocurrency market value (left) versus ETH/USD.
Ethereum prices generally followed the overall cryptocurrency market trend, which turned positive in July. Tuesday's rally in U.S. stocks helped ease investors 'concerns about overvaluation after a rebound in artificial intelligence stocks. Traders expect solid earnings after 3M Corporation (MMM US) reports results on Tuesday morning.
Google parent company Alphabet is expected to report quarterly results after the U.S. stock market closes on Wednesday. Against the backdrop of a large number of artificial intelligence investments, investors expect cloud service revenue to increase by 64%. Strong results could restore confidence and help push the total market value of the cryptocurrency market past the $2 trillion mark.
Indicators on the Ethereum chain are weak, ETH derivatives perform poorly
Despite the recent increase in ETH prices, indicators on the Ethereum chain show stagnation. Blockchain processing demand has not returned to levels seen six months ago, in part due to weakening interest among traders in memes and utility tokens. Some top Ethereum projects have fallen 50% or more so far this year, including Ethena (ENA), Mantle (MNT) and Arbitrum (ARB).
Weekly DEX transaction volume and DApps revenue for the Ethereum network (USD)
Weekly revenue for Ethereum decentralized applications (DApps) dropped to its lowest level since September 2024, reaching US$9.8 million. The strongest performing projects include Sky (formerly MakerDAO), with weekly revenue of $3.2 million, and Chainlink, with revenue of $1.2 million over the same period. Overall, decentralized exchange (DEX) trading volume fell to $7.2 billion per week.
Ethereum's weak on-chain data reflects depressed sentiment in the derivatives market.
Annualized funding rate for ETH perpetual contracts
In the past month, the annualized funding rate for ETH perpetual contracts has been difficult to maintain within the neutral range of 6%-12%. However, market sentiment has improved from negative interest rates at the end of June, reflecting strong bearish demand. The rising interest in Ethereum pledge may have raised traders 'expectations for price increases and reduced downside risks.
Ethereum Pledge Data
According to Staking Rewards data, 34% of all ETH supply is currently pledged, a record high, up from 33% a month ago. Analysts expect selling pressure to diminish as long-term holders continue to accumulate supply, including Tom Lee's Bitmine Immersion (BMNR US), which added 156,719 ETH in the past month. The company currently controls 4.8% of available supply.
ETH prices are down 61% from their all-time high in August 2025, which helps explain why bulls lack enthusiasm in the derivatives market. Weak on-chain indicators and a six-month bear market have traders skeptical of continued gains.
Ethereum's path to $2,100 may depend on reduced market risk appetite, making Google's revenue guidance on Wednesday particularly critical.
