Ether Breaks $1.9K Resistance: Is $2.1K the Next Target?
ETH continues its rally while weak onchain data and low DEX volumes raise concerns.
1ETH Tests $1.950 After 7 Weeks
Ether (ETH) tested the $1.950 level for the first time in seven weeks, triggering $62 million in liquidations. This 29% rise from June's $1.500 low aligns with Bitcoin's surge past $66.5K, reflecting improved market risk appetite amid positive equity market momentum.
2Weak Onchain Metrics Raise Concerns
Despite ETH's price gains, Ethereum network activity remains subdued. Weekly DEX volumes fell to $7.2B while DApp revenues hit $9.8M - lowest since September 2024. Declining interest in memecoins and utility tokens contributes to this stagnation, with top projects like ENA down 50% YTD.
3Cautious Sentiment in Derivatives Markets
ETH perpetual futures funding rates struggle to stay within the neutral 6%-12% range. While improved from June's negative rates, traders remain cautious. ETH trading 61% below its August 2025 ATH explains the lack of bullish enthusiasm in derivatives positioning.
4Record Staking Reduces Sell Pressure
A record 34% of ETH supply is now staked, up 1% MoM according to StakingRewards. Long-term holders like Bitmine Immersion (adding 156,719 ETH last month) continue accumulating, reducing circulating supply. This structural demand supports prices despite weak onchain activity.
5Google Earnings Could Be Key Catalyst
ETH's path to $2.1K depends on improving risk sentiment. Alphabet's Wednesday earnings report - particularly its cloud revenue growth (expected +64% YoY) and AI investment guidance - could restore confidence. Strong tech earnings may help crypto markets reclaim $2T total capitalization.
6Sustained Rally Requires External Catalysts
Six months of bear market and weak onchain metrics keep traders skeptical. ETH needs external catalysts for sustainable upside. Corporate earnings reports and the psychological $2T crypto market cap threshold could serve as key inflection points for broader market momentum.
Original article: Cointelegraph.com News — Ether 1.900 Dolar Direncini Aştı: 2.100 Dolar Hedef mi?