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ETH Ethereum (ETH) continued its upward trend on Tuesday. As of 12:42 Beijing time, the trading price was US$1,941.27, up 3.58% in 24 hours. The market value of the cryptocurrency rose to US$234.27 billion, and 24-hour trading volume increased 36.75% to US$13.47 billion, reflecting a significant increase in market participation after buyers returned to the market.
The latest trend is due to Ethereum benefiting from the re-inflow of U.S. Spot Exchange Traded Fund (ETF) funds, improved technical momentum and continued growth in pledge activity. Bitcoin's broad market strength also provided support, helping to boost key digital assets after macroeconomic concerns eased and improved risk market sentiment.
At the same time, Bitcoin has regained its footing at the US$66000 mark, consolidating the broader recovery of the cryptocurrency market. This trend marks the renewed confidence of investors in large-market digital assets and provides additional momentum for Ethereum to break through US$1940.
ETF inflows improve after a long period of weakness
One of the strongest drivers of Ethereum's recovery is the return of cash Ethereum ETF inflows. The latest data shows that the U.S. spot Ethereum ETF recorded a net inflow of US$38.09 million on July 20, achieving a net inflow for the second consecutive trading day. BlackRock's ETHA contributed $34.3 million, and Fidelity's FETH and 21Shares also recorded inflows. The total net assets of the ETF class have climbed to approximately $10.29 billion, indicating improved investor interest after a period of sustained outflows.
Although ETF demand remains below its highs earlier this year, the recent shift in funds suggests that investment products linked to Ethereum are gradually attracting buying interest.
Record pledge participation rates continue to tighten supply
Ethereum's on-chain fundamentals have strengthened with the latest price rebound. Network data shows that about 33.9% of the Ethereum supply in circulation has been pledged, equivalent to nearly 40.9 million Ethereums locked in verification nodes. The increase in pledges reduces the amount of Ethereum available for trading, helping to limit the supply of liquidity during periods of rising demand.
The liquidity pledge ecosystem also continues to expand. Current data shows that the total locked position value (TVL) in the field reached US$28.397 billion, generating approximately US$12.44 million in fees and approximately US$923,000 in agreed revenue in the past seven days. The continued rise in pledge participation rates has become one of the strongest indicators on the Ethereum supply side, with more tokens locked in rather than left on exchanges.
Technical outlook shifts to US$2000
Ethereum has now regained the US$1842-US$1868 resistance zone, which analysts are increasingly viewing as a new support range. The market's focus has shifted to the 100-day index moving average (around US$1940). If we can continue to stabilize this position and close daily, it may enhance the momentum towards the psychological threshold of US$2000.
However, analysts also warned that maintaining support above $1854 to $1868 remains crucial. A break below this range could weaken the current bullish structure and expose Ethereum to a deeper correction to the $1710 region.
Outlook
Ethereum's latest rise reflects improved ETF inflows, enhanced pledge participation rates and a broader recovery in the cryptocurrency market. Despite the increased momentum in recent trading days, traders are still concerned about whether Ethereum can first establish solid support above $1940 before attempting to hit $2000.
The next major catalyst remains the Federal Reserve's July 28 - 29 policy meeting, which may affect financial market risk appetite and determine whether Ethereum's recovery momentum can continue into the last week of July.
