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Ether (ETH) traded at $1,773.42 on the daily chart, up 1.73% on the day, according to TradingView data.
The candle opened at $1,743.27, reached a high of $1,778.74, and held a low of $1,736.55, extending a recovery that has now cleared the 50-day exponential moving average (EMA) for the first time since ETH’s June selloff.
Spot Ether exchange-traded funds (ETFs) recorded a $52.08-million net outflow on July 9, according to SoSoValue daily data, breaking a five-day streak of net inflows that ran from July 1 through July 8 and totaled $161.4 million, including $70.48 million on July 8 alone, the largest single day of the stretch. The reversal pulled cumulative net inflow down from $10.96 billion to $10.94 billion.
Ether’s daily close held its ground and rose the following session, meaning price did not follow the ETF signal down, a divergence worth tracking rather than a level to build full conviction around after one red day.
Fundstrat’s Tom Lee shared commentary from SuttmeierTS, a former Bank of America head of technical strategy, arguing ETH is showing signs of a tactical bottom.
Interesting comments from @SuttmeierTS (former @BankofAmerica Head of Technical Strategy)
– $ETH signs of a tactical bottom
– holding $1,693-$1,708 key
– need decisive rally to $1,846-$1,876
– this opens window to $2,100@BitMNR $BMNR $BMNP pic.twitter.com/eRGO4wPvjd— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) July 9, 2026
The note said daily closes above the 13-day, 26-day, and 40-day moving averages (MAs) on both ETH/USD’s absolute price and its price relative to the S&P 500 are required to maintain a constructive view. Holding the 13-day, 26-day, and 40-day MAs at $1,708-$1,693 would reinforce a tactical low forming above June’s lows of $1,520 to $1,512.
A decisive rally above $1,846-$1,876, the mid-June high, and the 38.2% retracement of the mid-April to early-June decline, would confirm the bottoming pattern and favor a rebound toward $1,987 and $2,100.
Onchain tracker Lookonchain flagged that Bitmine Immersion Technologies, the treasury company chaired by Lee, bought 20,500 ETH worth $35.92 million from Galaxy Digital, following a separate purchase of 40,000 ETH worth $71.6 million from FalconX and Kraken a day earlier.
It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 20,500 $ETH($35.92M) from #GalaxyDigital 6 hours ago.https://t.co/sAi8OkSrhWhttps://t.co/i1k67fqVRD pic.twitter.com/gn5jNfCmpK
— Lookonchain (@lookonchain) July 10, 2026
The two purchases add up to 60,500 ETH, roughly $107.5 million, bought over the same window in which the ETF complex posted outflows, a corporate-treasury bid that ran counter to the fund-level redemptions.
Lee chairs Bitmine and also runs Fundstrat. This company shared the tactical bottom commentary above, a dual role worth noting since the same person is amplifying a bullish technical call while his company is the buyer on the other side of the trade.
Analyst Leon Waidmann highlighted Token Terminal data showing Ethereum’s total value locked (TVL) has surpassed its own fully diluted market cap for the first time in the network’s history, putting ETH’s fully diluted market cap near $210 billion against about $260 billion in TVL, a gap that did not open even during the 2022 bear market.
Ethereum seems highly undervalued! 👀
For the first time in history, the value locked ON Ethereum is bigger than the value OF Ethereum itself!
🔹 ETH fully diluted market cap: ~$210B
🔹 Total value locked: ~$260B
🔹 The blue area just crossed above the orange lineThe economy… pic.twitter.com/tFvOV1e41d
— Leon Waidmann (@LeonWaidmann) July 9, 2026
Waidmann framed the divergence as implying either that the onchain economy is overbuilt or that ETH itself is underpriced relative to the activity it settles.
It is a fundamentals-based argument that does not depend on any ETF flows or price-level holdings, and it sits alongside the flow and treasury data as a third, independent lens on whether ETH is mispriced relative to what is actually happening on the network.
The daily ETH/USD chart and technical data from TradingView show the price above every MA from the 10-day through the 50-day simple moving average (SMA).
The 10-day EMA at $1,737.92, 20-day EMA at $1,721.05, and 30-day EMA at $1,736.53 all signal upward movement, as do the 50-day SMA at $1,772.43 and the Hull MA at $1,754.94. The 50-day EMA at $1,798.33 remains the lone holdout, still signaling a downward trend just above the current price.
The relative strength index (RSI) reads 55.38, above the neutral 50 line for the first time since the pullback began.
The average directional index (ADX) reads 23.39, indicating a still-weak trend despite the price gain.
The moving average convergence/divergence (MACD) at 3.36 is positive, showing an upward signal, its first positive reading in this recovery attempt.
Immediate resistance sits at the day’s high of $1,778.74, followed by the 50-day EMA at $1,798.33, which closely aligns with Fundstrat’s $1,846-$1,876 confirmation zone. Support sits at the day’s low of $1,736.55, with the 20-day SMA at $1,681.58 and the Ichimoku Base Line at $1,679.13, the next cluster below, both inside Fundstrat’s cited $1,693 to $1,708 tactical floor.
The ETF outflow and the price gain happening in the same week are the actual story, not a contradiction to resolve in either direction yet. Bitmine’s 60,500 ETH of buying offers one explanation for why price held despite the fund-level redemption, and Fundstrat’s tactical bottom framework offers a technical one, but a single ETF outflow day breaking a five-day streak is not enough data to call the flow reversal dead.
The next few sessions of SoSoValue prints will show whether July 9 was a one-off or the start of a renewed drawdown, and that answer matters more than the day’s price move for judging whether this recovery has real staying power.
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