Ethereum Price Hits Key Resistance Zone as ETF Demand Continues

Ethereum is testing a critical resistance zone on its path to breaking $2,000, but it's not out of the woods yet. According to CryptoQuant's head of research Julio Moreno, Ethereum needs to confirm three more signals before reaching a genuine bottom against Bitcoin.

The current price of Ethereum at $1,896.60 is up 1.05% on July 24, holding above the 0.382 Fibonacci level. The spot ETFs continue attracting inflows, even on a day when Bitcoin funds bled $225M. Moreno published a five-metric framework for calling the ETH bottom, with two signals confirmed and three still in neutral territory.

The first confirmed signal is Ethereum's realized price, which is 17% below its current level, placing it in historically undervalued territory. The second confirmed signal is the ETH/BTC spot volume ratio, which has reached bottoming levels, a condition that has historically preceded Ethereum outperformance against Bitcoin.

However, Moreno notes that Ethereum is not yet fully capitulated against Bitcoin and may require more time or additional relative underperformance before reaching its absolute bottom. The upside case sees Ethereum breaking through the 100-day EMA and 0.5 Fibonacci resistance at $1,934 to $1,940, with continued ETF inflow divergence from BTC confirming improving relative demand toward the 0.618 Fibonacci at $2,042.