Ethereum traded near $1,715 on July 3 after gaining more than 6% in 24 hours, pushing back above the closely watched $1,700 area. The rebound came as U.S. spot Ethereum ETFs swung back to net inflows. SoSoValue data showed total net inflows of $29.08 million on July 2, led by BlackRock’s ETHA with $29.74 million, while Grayscale’s ETHE posted $2.75 million in net outflows.
That move put $1,700 back at the center of the short-term chart. A firm break above $1,800 would strengthen the case that buyers are regaining control after the recent slide. If ETH fails to hold $1,700, attention could shift back to $1,650 and then the lower support zone near $1,500.
Momentum gauges improve, but trend reversal is not confirmed
Short-term indicators have turned more constructive. The MACD histogram stood positive near 19.33, while the MACD line at about -49.01 remained above the signal line near -68.34, confirming that the recent bullish crossover is still in place. Even so, both lines remain below zero, which means downside pressure has eased without a full trend reversal yet being confirmed.
RSI also moved higher, reaching 51.85 and climbing above its moving average near 38.12. A push above 50 usually suggests buyers are starting to recover control after a weak June. Crypto analyst Ali Charts said Ethereum has printed a monthly TD Sequential buy signal, a reading often associated with seller exhaustion on a higher timeframe. He also said ETH is approaching a long-term support area near $1,100, which he described as the lower boundary of Ethereum’s multi-year channel.
On a broader timeframe, Ali Charts pointed to $3,000 as a mid-range recovery target if that channel support holds, with the upper boundary of the wider channel near $5,000. Those levels were framed as long-term technical targets rather than short-term price calls.
ETH/BTC setup and derivatives activity draw market attention
Ethereum’s relative performance against Bitcoin is also back in focus. Crypto Rover said an ETH/BTC golden cross is forming on the weekly chart, with the 50-week moving average approaching a move above the 100-week moving average. According to him, the last comparable setup appeared in 2021, before Ethereum outperformed Bitcoin. If ETH/BTC continues to strengthen, it would indicate capital rotating back into Ethereum instead of only tracking Bitcoin’s rebound.
Derivatives data points to heavier activity. Coinglass data showed ETH trading volume rising 14.48% to $44.74 billion, while open interest increased 10.64% to $24.54 billion. Options volume climbed 30.19% to $1.41 billion, and options open interest rose 6.67% to $4.43 billion. Higher open interest can amplify price moves, but if leverage builds too quickly, liquidation risk also rises.
On-chain signals split between accumulation and selling risk
On-chain readings are less one-sided. CryptoQuant analyst Darkfost said Binance ETH withdrawal transactions reached their highest level in three years. As Ethereum rebounded from the $1,500 area, Binance reportedly recorded more than 166,000 withdrawal transactions in a single day. Exchange withdrawals are often read as accumulation when users move coins into self-custody, though they can also reflect capital moving into DeFi strategies. Darkfost added that some of the activity may have been tied to confusion around MiCA rules that took effect on July 1, even though withdrawals were not frozen.
Another CryptoQuant analyst, PelinayPA, offered a more cautious interpretation. Binance ETH exchange netflow remained positive at +12,938 ETH, meaning more ETH moved onto the exchange than off it. Positive netflow can signal selling risk because coins held on exchanges are easier to sell.
Taken together, the data keeps the near-term setup balanced rather than one-directional. Withdrawal activity suggests that some holders may be accumulating, while positive netflow and rising open interest show that selling pressure and leveraged positioning have not disappeared.
Institutional and corporate buying adds support
Ethereum is also getting backing from institutional and corporate activity. According to the report, Ethereum Institutional has launched with support from BitMine, SharpLink, Joe Lubin, and other contributors to promote adoption among banks, asset managers, custodians, and financial firms.
BitMine has kept expanding its Ethereum treasury. Previously reported figures showed the company added 27,084 ETH, taking its holdings to more than 5.7 million ETH, or about 4.7% of Ethereum’s supply. SharpLink also continued buying during the recent weakness, purchasing another 10,000 ETH for $16.1 million.