TLDR
- ETH rallied over 5% on softer CPI data before pulling back from $1,930 to around $1,850
- Strong support sits at $1,850, with $2,000 as the next key target for bulls
- Leveraged long liquidations accelerated the pullback after momentum stalled
- Whale wallets pulled nearly $165M worth of ETH from Coinbase Prime over three days
- Macro risks including US-Iran tensions and rising oil prices are weighing on price
Ethereum briefly pushed above $1,930 for the first time in weeks following softer-than-expected US CPI data, before retreating to around $1,850 as traders took profits and macro risks returned.
CoinGecko data showed ETH hit an intraday high of roughly $1,931 on July 15, its strongest level in weeks. At the time of writing, it was down about 3.5% on the day, though still more than 4% higher over seven days.
The initial rally was driven by several factors. Weaker US labor market data raised hopes for earlier Federal Reserve rate cuts, lifting appetite for risk assets. Spot Ethereum ETFs also reversed a stretch of outflows, with BlackRock’s iShares Ethereum Trust recording fresh inflows around July 15.
As ETH cleared resistance in the $1,800–$1,840 zone, short sellers were forced to close positions. That short squeeze pushed ETH briefly above $1,900 before the rally lost steam.
Macro Risks Return
Renewed US-Iran tensions triggered a broad risk-off move across markets. Rising crude oil prices revived inflation concerns, reducing expectations for near-term Fed rate cuts. US Treasury yields also moved higher, making risk assets less attractive.
BREAKING: US stock market futures extend losses as the US announces its sixth consecutive night of strikes on Iran. pic.twitter.com/yrMCawP0Yn
— The Kobeissi Letter (@KobeissiLetter) July 17, 2026
Because much of the rally was leveraged, the reversal was sharp. Ethereum slipped below $1,880, forcing long traders to unwind positions and pushing the price back to the mid-$1,800s.
On-chain, analyst Ali Charts pointed out that ETH has reclaimed the 0.8 MVRV Pricing Band as support — a pattern that has historically preceded rallies toward the Realized Price, currently at $2,245. Ali Charts noted this pattern has repeated consistently over six years.
Ethereum has followed the same pattern for years.
Every time it reclaims the 0.8 MVRV Pricing Band as support, it has gone on to rally toward—or even above—its Realized Price.
That pattern has repeated consistently over the past six years.
After briefly trading below the 0.8… https://t.co/LNkygeXO5n pic.twitter.com/N5gKQPhy2o
— Ali Charts (@alicharts) July 16, 2026
Whale Accumulation Continues
Lookonchain data showed whales pulling large amounts of ETH off exchanges. Over three days, seven newly created wallets withdrew a total of 89,396 ETH, worth roughly $164.88M, from Coinbase Prime. That kind of exchange outflow is typically seen as a sign of accumulation.
Whales continue accumulating $ETH.
Another 2 newly created wallets withdrew 20,000 $ETH($37.72M) from #CoinbasePrime today.
Over the past 3 days, 7 newly created wallets have withdrawn a total of 89,396 $ETH($164.88M) from #CoinbasePrime.
Wallets:… pic.twitter.com/dwT3gBvBuV
— Lookonchain (@lookonchain) July 17, 2026
Analyst Ted Pillows said the pullback looks like a healthy pause. “As long as Ethereum holds above the $1,850 level, the next move will be towards $2,000.” Analyst Michaël van de Poppe described the current environment as a buy-the-dip market, saying “There’s a lot more upside going to come on this one.”
Key downside levels to watch are $1,823 and $1,750–$1,785. A break below $1,850 support would shift focus back toward those lower levels.
The Glamsterdam network upgrade, expected to improve scalability, has been pushed to the latter half of Q3, leaving ETH without a major near-term catalyst.
