Ethereum price holds above $1,750 after 12% rally as bulls battle key resistance

Ethereum has climbed about 12% since July 1 as weaker-than-expected U.S. employment data and renewed institutional inflows pushed buyers back into the market, although the asset now faces heavy resistance near the $1,800 level.

Ethereum’s ( $ETH ) rally gathered pace after the U.S. Bureau of Labor Statistics reported that June nonfarm payrolls rose by just 57,000, far below expectations of roughly 115,000. The disappointing labor data sharply reduced expectations of further Federal Reserve tightening, lifting risk assets across global markets. Treasury yields also eased following the release, giving cryptocurrencies another tailwind as investors rotated back into higher-beta assets.

Ethereum’s own fundamentals strengthened alongside the macro backdrop. On July 1, Ethereum Institutional launched with backing from ecosystem leaders including co-founder Joe Lubin to accelerate institutional adoption of the network.

A day later, U.S. spot Ethereum ETFs reversed an eight-week streak of net outflows, attracting $29.1 million in fresh capital led by BlackRock’s ETHA. The return of positive ETF flows removed a persistent source of selling pressure that had weighed on ETH throughout the second quarter.

Network developments also contributed to investor confidence. On July 4, Vitalik Buterin unveiled an updated “Lean Ethereum” roadmap after meetings with Ethereum researchers in Berlin. The multi-year proposal outlines upgrades designed to simplify the protocol, improve scalability, reduce storage requirements, and introduce quantum-resistant security, giving investors a fresh long-term catalyst just as sentiment began improving.

Ethereum faces decisive resistance after recovering from historic selloff

Ethereum entered the rebound from deeply oversold conditions after closing its first-ever stretch of three consecutive losing quarters. The correction dragged ETH from above $3,400 to nearly $1,563 by July 1 while active network addresses fell roughly 46%, leaving market positioning heavily skewed toward bearish bets before buyers regained control.

The daily chart shows ETH reclaiming the 0.786 Fibonacci retracement near $1,704 after bouncing from the $1,500 region. Price is also pressing against the daily Supertrend resistance around $1,807 while remaining beneath a descending trendline that has capped every rally since May.

A successful breakout above both barriers would expose the 61.8% Fibonacci level near $1,858, followed by the psychological $2,000 region and the 38.2% retracement around $2,074.

Shorter-term charts show momentum beginning to cool after the initial breakout. Ethereum has traded inside an ascending channel on the 4-hour timeframe, although price has recently slipped toward the lower boundary. The MACD has produced a bearish crossover while the histogram has turned negative, suggesting buying momentum has weakened after the sharp advance. Even so, the RSI remains above 60, leaving room for another push higher if buyers defend support.

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