#ETHBreaks1700

ETH Snaps Back to $1,700 with 8% Pump – Here's the Technical Setup that’s Actually Promising. What’s going on community – here’s a deeper look at the technical side of today's ETH's 8% rally; there's more to it than just a relief bounce, and it deserves a closer inspection. Earlier in the week, we bottomed out around $1,596, and many traders considered that true capitulation zone after weeks of sell-offs.

But then came the June NFP number – it came in much weaker than expected at just 57k, turning the macro picture around instantly.ETH then surged to a high of $1,723, breaching the crucial psychological $1,700 mark, its highest in nearly a week.

In fact, it surged around 7.2%-8%, easily eclipsing Bitcoin’s roughly 4% gains from the same catalyst. That ETH is outperforming BTC during risk-on periods has been the first truly bullish ETH-specific sign in a long time. Usually, when ETH leads the way higher, it suggests heavy short covering, with additional spot buying coming in as traders wait for that macro catalyst. ETH's nearly 2x performance compared to BTC is the tell that the short squeeze onETH was even bigger, which is totally understandable given the intense pessimism around it throughout June.

The technical picture on the daily chart needs a lot of attention from ETH holders at the moment.

We’ve reclaimed the Bollinger mid-band, which basically functions as the center line on that timeframe, acting as a pivot between bullish and bearish market structures. In tandem, we’ve also flipped the MA20 back from resistance to support. But the biggest thing is the daily MACD golden cross is now forming, a signal historically associated with the start of prolonged upward trends, not one-day bursts, especially when following significant downtrends.

When you combine three bullish technical signals – the return to the mid-Bollinger band, the reclaim of the MA20, and the potential MACD golden cross, all happening after a bottom near $1,596 – you’re looking at a really constructive short-term outlook that was entirely absent last month. So, the big, ugly truth that needs to be mentioned to avoid falling into pure cheerleading is that the $1,720-$1,750 range will provide significant resistance, with old support levels broken down in June now acting as new resistance. A single day’s move, however massive, does not make a trend reversal.

ETH has to close above $1,750 on significant volume for a couple of days straight before this rally graduates to the “confirmed trend change” category from “promising bounce.”

Then there’s the fundamentals, which are actually starting to look good too. Sharplink is buying tens of thousands of ETH. Bitmine is sitting on over 4% of supply and making $230 million a year staking. Tom Lee mentioned that the Ethereum Foundation is working on its financial infrastructure and governmental relations.

All this, along with a potential MACD golden cross, creates a potent mixture to watch.

The bear market may not be over for ETH, but today’s action is the first opportunity in weeks where bulls actually have something concrete technically to work with. Given that ETH just reclaimed the $1,700 level on an 8% surge, outperforming BTC and seeing a MACD golden cross forming on the daily chart – do you think this is the real deal for ETH's trend, or do we need to wait for a strong close above $1,750 with volume to confirm before fully believing in the rally and re-entering with real conviction?

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