On July 2, 2026, Ethereum (ETH) traded around **$1,615–1,620**, with a 24-hour gain of approximately **2.25%–4.69%**. **The short-term key battleground is $1,690, while the life-or-death line below is $1,500.**

Current bullish and bearish factors are interwoven, with core strategies revolving around key levels:

1. 📊 Core Market Signals

· Rebound nature questionable: Price rose but open interest fell 2.28%, indicating the rebound was mainly driven by short covering (liquidation) rather than aggressive new longs, raising doubts about sustainability.
· Capital divergence: Although spot ETFs saw a net inflow of $36.6 million in a single day and the staking rate exceeds 33% locking up some liquidity, both retail and major funds are in net long positions (roughly 65% and 71% respectively), making the rebound structure relatively "crowded."

2. 🎯 Key Price Ranges and Strategies

· Strong resistance above: $1,690 – $1,750: This area is a litmus test for a short-term trend reversal. If it breaks out with volume and holds, it could open upside, but only a light position is recommended. **Shorting**: Near $1,676–1,696, a light short can be attempted with a stop loss above $1,717, targeting $1,625–$1,603.
· Core consolidation zone: $1,573 – $1,654: MACD is near the zero line, the market has no clear direction, making it more suitable for range trading (buy low, sell high) while awaiting a clear direction.
· Bullish support below: $1,500 – $1,528: This is the bull-bear divide. If it breaks down, it could open space for a decline toward $1,300. **Going long**: On a dip below $1,585, take a light position targeting $1,640–$1,710; or place a buy order near $1,528 to bet on a rebound.

3. ⚠️ Today's Key Variable
Pay attention to tonight's US employment report. If the data is soft (bearish for the dollar), it could provide ETH with momentum to test resistance to the upside; conversely, if the data is strong, we need to watch for the price to retest support below. #以太坊