Ethereum Price Hits $1,966, Bulls Target $2,500

Ethereum's price has rallied by 5% to $1,966 on July 27, pushing it closer to the key $2,000 barrier. The surge in spot demand, short liquidations, and tighter available supply have all contributed to ETH's upward momentum.

The daily chart places $1,981.50 and $2,000 as the next major resistance zones for Ethereum. However, analysts see $2,350-$2,500 as possible targets if ETH establishes support above $2,000.

Ethereum's rally coincided with a sharp increase in market activity and a reported rise in its staking rate to a record 34%. Staked tokens cannot immediately enter the spot market, reducing the liquid supply available to buyers during periods of stronger demand.