Ethereum Reclaims $1,700 Level as On-Chain Data Signals Weak Demand

Key Facts

Amid efforts by the crypto market to rebound from recent lows, Ethereum has staged a recovery, reclaiming the $1,700 threshold. According to reports, the asset's price has climbed nearly 10% since the start of the month, primarily driven by a reduction in selling pressure. However, the Net Unrealized Profit/Loss (NUPL) indicator, while improving from -0.46 to -0.30, remains in negative territory, indicating that the majority of holders are still facing unrealized losses.

This technical rebound occurs as Ethereum spot ETFs see mixed flows, with market data suggesting that buying volume from both institutional and retail investors remains below the levels required to sustain a long-term uptrend. Compared to Bitcoin, which has shown greater resilience in holding support levels, Ethereum faces challenges in attracting new liquidity to push prices toward the next resistance zone above $1,850 (per CoinMarketCap data).

Looking ahead, traders are closely monitoring current liquidity levels in the absence of real-time price updates, as caution prevails due to weak buying conviction. On the economic calendar, risk appetite for digital assets may be influenced by the U.S. Balance of Trade data and speeches from Fed officials scheduled for July 7, 2026, which could provide insights into global liquidity trends.