Ethereum surged by roughly 10% over the past seven days, briefly climbing above the $1,800 mark for the first time in weeks. This bullish trend accelerated on June 28, following the ETH Net Taker Volume indicator shifting into positive territory. The move signaled that buy-side activity in perpetual futures markets had outpaced selling pressure for the first time in a while.
Leverage failed to ignite the rally
One of the defining features of this recent price jump was the lack of a significant change in open interest volumes. This suggests the rally was not powered by excessive leverage within the market. In fact, after declining in June, estimated leverage ratios have not seen a notable rebound. The sustained price action absent aggressive leverage points to a healthier landscape, with lower risks of cascading liquidations and a more balanced trading environment.
Meanwhile, the ETH Coinbase Premium Index—a gauge of US-driven demand—remains in negative territory. However, the index has rebounded from steep lows it hit at the start of July, indicating that US investor appetite is gradually making a comeback.
US-listed spot Ethereum ETFs have also recorded net inflows across three consecutive trading days. Although the inflows have been modest in scale, they signal a steady resurgence in institutional participation. Spot Ethereum ETFs offer direct exposure to ETH, trading much like stocks on regulated exchanges.
The fact that US spot ETH funds have posted net inflows for three sessions in a row shows that institutional interest hasn’t fully faded and that cautious buying continues in these channels.
$1,806 as a critical technical barrier in the short term
From a technical perspective, Ethereum currently faces a major resistance at $1,806, where the 50-day exponential moving average (EMA) aligns with a horizontal ceiling. The Relative Strength Index (RSI) sits at 57, suggesting positive momentum yet not signaling overbought conditions just yet. However, the Stochastic Oscillator nears 86, hinting at possible short-term exhaustion in the price movement.
Should Ethereum break above $1,806, subsequent targets are set at $1,909 and the 100-day EMA near $1,970. Above that, $2,018 and $2,108 are seen as the next resistance levels. On the downside, immediate support levels are found at $1,741 and $1,713, the latter corresponding to the 20-day EMA.
| Indicator | Level |
|---|---|
| Main resistance | $1,806 |
| Upside targets | $1,909, $1,970, $2,018, $2,108 |
| First supports | $1,741 and $1,713 |
Crypto analyst Daan Crypto Trades points out that Ethereum’s weekly and some daily closes are once again taking place within the broader $1,750 to $2,400 trading band. In his view, surpassing the local peak around $1,850 could mark a shift in market structure, strengthening the foundation for further gains.
According to Daan Crypto Trades, breaking above the $1,850 level could trigger a structural change in the market, potentially setting the stage for the upper end of the range to be retested.
Vitalik Buterin unveils Lean Ethereum vision
Ethereum co-founder Vitalik Buterin has introduced the Lean Ethereum initiative—a comprehensive transformation blueprint for the network’s future. Describing the plan as Ethereum’s third major evolutionary leap, Buterin likened its scope and impact to The Merge event.
Slated to unfold over the next three or four years, the roadmap covers changes to validation mechanisms, consensus architecture, privacy features, quantum resistance, and client infrastructure. Buterin’s aims include adopting recursive STARKs for validation, while seeking to achieve finality within one or two consensus rounds.
The most fundamental transformation would be in the state model. By 2030, Buterin envisions Ethereum maintaining its current 2 TB of dynamic state data, but migrating to a redesigned 100 TB architecture for enhanced efficiency—especially for ERC20 tokens and NFTs. A UTXO-inspired overhaul of ERC20s could slash transaction costs by over 10 times, according to his projections.
Mini glossary: STARK is a cryptographic technology that proves the validity of transactions without disclosing underlying data. UTXO is a model tracking asset balances via individual expendable outputs, rather than account-based records.
