#ETHBreaks1700

ETH Recaptures $1,700 with an 8% Gain – The Tech Picture Is Finally Talking Something Else

Allow me to outline the entire context of ETH’s move this week to the community, as the technical picture behind this upward movement is something far more than a simple relief bounce.

ETH found its bottom at approximately $1,596-a level of genuine capitulation following prolonged weeks of unrelenting sell-offs. Then, the June NFP print came in at a paltry 57,000, causing an overnight flip in the macro landscape.ETH surged to $1,723, reclaiming the $1,700 psychological barrier for the first time in a week and recording an 8% surge that dwarfed Bitcoin's 4% movement from the same macro catalyst.

ETH's Outperformance Over BTC in a Risk-On Scenario: The First Glimmer of Hope for Ethereum in Weeks

The fact that ETH outshines BTC on a risk-on day is the first genuinely encouraging signal concerning Ethereum specifically in weeks. Typically, when ETH leads the way on the upside, it signifies immense short-covering activity combined with a genuine inflow of spot buying from traders patiently awaiting exactly this kind of macro relief. ETH's percentage move nearly double Bitcoin's on the same catalyst highlights that the short squeeze on ETH was significantly more extreme-which is logical, given the profoundly bearish sentiment prevalent throughout June.

Three Significant Bullish Technical Signals Align on the Daily Chart

Simultaneously, three critical bullish technical signals have appeared on the daily ETH chart. Price has reclaimed the mid-Bollinger band-which acts as the centerline for the bullish and bearish market structure on this timeframe. The MA20 was also reclaimed in parallel, effectively transitioning from resistance back to support. And a MACD golden cross is taking shape-a historical indicator of sustained upward momentum rather than transient, single-session rebounds after extended downtrends.

The Honest Disclaimer: Near-Term Resistance Remains

However, to be transparent, the $1,720 to $1,750 price range represents a substantial near-term resistance level. Previous support levels that failed in June are now being tested from below as resistance. A single 8% jump does not definitively signal a trend reversal.ETH will need to achieve consecutive closes above $1,750 on significant volume to move beyond this promising bounce into a confirmed trend change.

The Fundamental Context Offers Support

The fundamental picture provides further substance. Sharplink possesses over 50,000 ETH. Bitmine holds 4.49% of the total ETH supply, generating an impressive $230 million annually in staking rewards.

Renowned analyst Tom Lee has highlighted the Ethereum Foundation's efforts in addressing key infrastructure and policy concerns.

The upcoming Glamsterdam upgrade is slated for Q3 2026. Thus, a MACD golden cross, coupled with genuine institutional accumulation at these price levels, warrants close observation.

As we celebrate Independence Day, with ETH trading at $1,731, while not all holiday bounces sustain, the confluence of technical and macro factors this week presents the most constructive setup for Ethereum in months.

With ETH reclaiming $1,700 on an 8% jump and a MACD golden cross brewing, do you believe this is the genuine trend reversal, or do you require a confirmed close above $1,750 before confidently re-entering the market?

‍#GateSquare #Ethereum @Gate_Square