Points of Focus

• ETH holds $1,922 as spot Ether ETFs post a $72.64-million single-day inflow.
• The price sits above every short-term MA but below the 100-day EMA.
• Oscillators split: The MACD and momentum flag upward signals, while others turn bearish.

Ether (ETH) traded at $1,922.28 as of the latest daily close, down 0.54% on the session, after opening at $1,932.68 and swinging between a high of $1,940.47 and a low of $1,917.34, per TradingView data. The pullback comes as spot Ether exchange-traded funds (ETFs) post their strongest run of capital inflows in three weeks.

ETF inflows accelerate into a technical test

US spot Ether ETFs recorded $72.64 million in net inflows on July 22, the largest single-day print in the three-week window covered by SoSoValue’s flow data, more than double the $37.47 million logged the prior day.

The July 22 figure extends a run that began July 17 with $36.73 million, followed by $38.09 million on July 20 and $37.47 million on July 21, four consecutive positive sessions.

That streak is not the reversal itself. It sits inside a two-week recovery that already ended an eight-week, roughly $1.2-billion outflow stretch, with the week of July 6-10 adding $84.4 million and the week of July 13-17 adding $105.4 million, the strongest weekly figure since April.

The run was briefly interrupted by a one-day, $28.04-million outflow on July 16 before flows resumed the next session. Cumulative net inflow into the ETH ETF complex had reached $11.23 billion by July 22, up from $11.15 billion a day earlier.

Technical levels to watch

The acceleration lands on a technical inflection point. ETH’s daily chart shows the price holding above the 10-, 20-, 30-, and 50-day exponential moving averages (EMAs), each of which is an upward signal, but still capped by the 100-day EMA at $1,936.38, which is less than 1% above the current price.

The moving average (MA) stack is split by time frame. The 10-day EMA sits at $1,884.48 and the 10-day simple moving average (SMA) at $1,892.68, both upward signals. The 20-day EMA reads $1,839.87 and the 20-day SMA $1,835.32. The 30-day EMA reads $1,819.63 and the 30-day SMA $1,761.73. The 50-day EMA reads $1,829.90, and the 50-day SMA reads $1,734.80; all six readings are upward signals.

Above the current price, the 100-day EMA at $1,936.38 and the 100-day SMA at $1,976.15 both signal downward, as do the 200-day EMA at $2,191.93 and the 200-day SMA at $2,160.31.

Oscillators are mixed. The relative strength index (RSI) sits at 63.02, neutral, while momentum is firmer at 145.54, an upward signal. The moving average convergence/divergence (MACD) level also agrees at 49.27, indicating an upward signal.

The average directional index (ADX), at 25.02, remains neutral, suggesting the trend lacks strength in either direction. Downward signals appear elsewhere: The commodity channel index (CCI) reads 114.42, and the Williams percent range reads -15.45, both leaning bearish even as price holds up. Stochastic %K and Stochastic RSI fast, at 88.75 and 82.35, round out the panel at neutral.

Of the 11 readings, two flag downward signals, three flag upward signals, and the remaining six sit neutral, a split panel rather than a uniformly bullish one.

• Immediate resistance sits at the 100-day EMA at $1,936.38, reinforced by the Hull MA at $1,940.22, which is itself a downward signal.
• Support sits at the 50-day EMA of $1,829.90 and the 30-day EMA of $1,819.63.

A close above the $1,936-$1,940 zone would put ETH through its last short-term ceiling before the 200-day EMA near $2,192.

What comes next

The ETF flow acceleration gives the bull case a fresh, verifiable data point, but the technical setup has not yet confirmed it.

Corporate treasury demand is moving in the opposite direction from the ETF trend. Bitmine’s weekly ETH purchase fell to 7,430 tokens for the week ended July 19, its smallest weekly addition since launching its treasury strategy, after the company redirected capital toward repurchasing 5.5 million of its own shares.

That slowdown comes even as Bitmine’s total holdings, at 5,777,468 ETH, are 96% of its stated target of owning 5% of Ethereum’s circulating supply. Two of Ethereum’s largest institutional demand channels, ETFs and corporate treasuries, are no longer moving in tandem, and the ETF side is currently doing more of the work.

The next one or two sessions of ETF flow data, not the July 22 headline figure alone, will show whether demand is durable enough to carry ETH through the 100-day EMA. A close above $1,940 would clear the last short-term ceiling before the 200-day EMA near $2,192. 

A retreat back below the 50-day EMA near $1,830 would put the ETF-driven recovery on the defensive instead. 

Bitmine has bought ETH every week since launching its strategy on June 30, 2025. The week ending July 19 marked its smallest addition to date.