Ethereum rejected the $2,000 barrier and slid back toward $1,882, down about 3% in a day as a sharp sell-off in U.S. technology stocks drained risk appetite. Steady spot-ETF inflows and support near $1,850 still leave room for a rebound toward $2,060.
Ether traded near $1,882, down about 3% over the previous 24 hours after touching the $1,935–$1,950 region earlier in the week. Sellers stepped in below the psychological $2,000 level, ending a rally that began near $1,560 in late June.
Most of the pressure came from Wall Street. The Magnificent Seven stocks fell 4.8% and erased about $797 billion in market value on Thursday, their worst day since the tariff-driven sell-off in April 2025. The S&P 500 dropped 1.2% and the Nasdaq 100 lost 1.9%, according to CoinDesk.
Ether fell harder than Bitcoin, which held near $65,400 with a decline of less than 1%. That gap showed investors turning more cautious toward altcoins as money moved away from riskier trades.
ETF inflows and institutional buyers cushion the drop
Demand from U.S. spot Ethereum ETFs has stayed positive. The funds recorded $26.3 million in net inflows on July 23, a fifth straight positive session, though the figure fell sharply from the prior day and did not offset spot-market selling.
Institutional accumulation continued away from the funds. BitMine Immersion Technologies bought 42,197 ETH worth roughly $73 million over the past week, lifting its holdings to about 4.8% of Ethereum’s circulating supply and keeping it the largest corporate holder of ETH.
Derivatives traders also leaned in as Ether neared resistance. Open interest climbed by 600,000 ETH over two days to 14.6 million ETH, its highest since June 7, according to CoinGlass. Funding rates then turned negative on Thursday for the first time since June 29 as $41.55 million in leveraged positions were liquidated over 24 hours.
Why $1,850 is the line to watch
The recovery since early July has traced an ascending channel, with immediate support between $1,850 and $1,880. A reclaim of $1,950 could open a path toward roughly $2,060.
Momentum, however, stays weak. The 4-hour relative strength index has fallen to 44.06, below its 52.62 moving average, a sign sellers still control the short-term move. A four-hour close below $1,850 would undo the setup and expose $1,816, then the $1,750–$1,730 zone.
For now, bulls need to reclaim $1,910 and clear the $1,950–$1,965 supply zone before Ethereum can mount another credible run at $2,000.
Sources: crypto.news, The Defiant
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