Ether breaks the $1.9K resistance; is $2.1K the next target for ETH bulls?
Ether rose to nearly $1,950, its highest in seven weeks, forcing about $62 million in liquidations of bearish leveraged bets. The move marked a 29% rebound from the June 26 low near $1,500 and tracked a broader risk-on shift that also pushed Bitcoin above $66,500. Still, Ethereum’s fundamentals remain soft. Onchain activity has not recovered meaningfully: weekly DApp revenue fell to $9.8 million, and DEX volume slid to $7.2 billion, both signaling weak demand for network usage. Derivatives sentiment is also muted, with ETH funding rates hovering near neutral after turning negative in late June. A bright spot is staking: 34% of ETH supply is now staked, a record high, which may reduce sell pressure. Bulls still face a skeptical market, since ETH remains far below its all-time high. A sustained move toward $2,100 likely depends on stronger broader market sentiment and improved macro earnings news.
