# 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. - **Source:** [Cointelegraph.com News](https://brifing.si/source/2e81e982-0137-4db0-8ac2-351f37085775) - **Published:** 2026-07-21 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/0ed5b2b4-8944-4942-aa60-e17d6ceba331 ## ETH 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. ## Weak 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. ## Cautious 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. ## Record 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. ## Google 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. ## Sustained 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. ## Sources covering this story - https://cointelegraph.com/markets/ether-breaks-the-1900-resistance-is-2100-the-next-target-for-eth-bulls?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._