Ethereum is showing signs of greater stability following its previous sharp decline, although the price has yet to break out of its prolonged consolidation phase. Since the beginning of June, ETH has mainly traded within a relatively wide range of USD 1,500–1,850.
During this period, Ethereum has tested the USD 1,500–1,550 area several times without recording a decisive breakdown below it.
Following the latest retest, buying interest once again emerged around USD 1,500, helping ETH recover toward the current USD 1,700–1,800 area.
This price action suggests that selling pressure has eased compared with the previous phase.
The continued defence of the USD 1,500 level indicates that demand remains present at lower prices, while also improving Ethereum’s short-term structure. However, buyers have not yet shown enough strength to push the market into a new uptrend.
One factor supporting sentiment toward Ethereum is the improvement in U.S. spot ETF flows. During the week from 29 June to 3 July, Ethereum ETFs still recorded approximately USD 13.67 million in net outflows, marking the eighth consecutive week of outflows. However, the trend began to shift during the first trading sessions of July. By 7 July, net inflows reached nearly USD 26.93 million, with the entire amount coming from BlackRock’s ETHA fund. According to the latest flow data, Ethereum ETFs have now recorded five consecutive sessions of inflows and are moving toward their first weekly inflow after eight straight weeks of net withdrawals.
The reversal in ETF flows is a notable signal, as it suggests that demand from institutional investors is beginning to improve following an extended period of defensive positioning.
Nevertheless, the current scale of inflows remains relatively modest and has not been sufficient to trigger a clear breakout. After eight consecutive weeks of outflows, several positive sessions mainly indicate that selling pressure is easing, rather than confirming that institutional capital has returned on a sustainable basis. To strengthen the positive outlook, Ethereum will need to maintain inflows over several weeks rather than rely on a short-lived recovery in demand.
At the same time, the macroeconomic environment remains less than fully supportive for higher-risk assets. Geopolitical uncertainty and volatility in energy prices continue to make investors more cautious and encourage a preference for defensive assets. In this environment, the cryptocurrency market often faces greater pressure because of its strong dependence on liquidity and risk appetite. Ethereum may also be more sensitive than Bitcoin during periods of market instability, as ETH combines the characteristics of a speculative asset with its dependence on growth expectations surrounding DeFi, stablecoins and broader blockchain activity.
Therefore, the improvement in ETF flows is providing some support for the price, but it is not yet enough to offset external risks entirely. Ethereum remains in a recovery and consolidation phase rather than a confirmed sustainable uptrend.
In the short term, ETH may continue to trade within the USD 1,500–1,850 range. The USD 1,800–1,850 area will remain the most important resistance zone to monitor. If ETF inflows remain positive and the price breaks decisively above this area, Ethereum could extend its recovery toward USD 1,950–2,000. Conversely, if ETH fails to move above USD 1,850, the price may continue to consolidate or correct toward lower levels.
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