Ethereum (ETH) has climbed above $1,850, reaching $1,873.56 with a 1.61% gain in the last 24 hours, outperforming the broader cryptocurrency market. The upward move is driven by renewed optimism around U.S. crypto regulations, consistent inflows into spot Ethereum exchange-traded funds (ETFs), and a technical breakout from a double-bottom pattern.
The broader market posted modest gains, but Ethereum stood out among large-cap tokens. Despite being about 62% below its all-time high, the current rally has traders watching key support at $1,812 and resistance near $1,947. The week ahead may bring further catalysts, including potential Senate action on the CLARITY Act.
CLARITY Act Optimism Supports Ethereum Price
U.S. Representative Bryan Steil indicated that the Senate could vote on the CLARITY Act during the week of July 20–24. The proposed legislation would classify Ethereum as a digital commodity, providing a clearer legal framework for digital assets. Markets reacted positively to the timeline, though the final schedule and bill text remain unconfirmed.
The regulatory update lifted sentiment across the crypto space. Ethereum gained more than Bitcoin in the session, reflecting stronger demand. However, the rally remains contingent on political progress. A delay or failed vote could push Ethereum back toward the $1,780 support zone.
ETF Inflows Confirm Renewed Institutional Demand
Spot Ethereum ETFs recorded approximately $105 million in net inflows from July 13 to July 17, according to SoSoValue. That marks the strongest weekly result since April, following a period of mixed flows including a $36.3 million daily outflow and a reported $22.3 million sale linked to BlackRock’s Ethereum fund.
The return of weekly inflows signals that institutional interest remains intact, adding credibility to the price move beyond short-term speculation. However, sustained trading volume is essential for Ethereum to hold above the breakout level.
Whale activity has also drawn attention. Two newly created wallets sold 72 Bitcoin for about $4.66 million and opened 20x leveraged long positions on 12,000 ETH, valued near $22.4 million. These trades suggest large accounts anticipate further upside, though high leverage raises liquidation risk if the market turns downward.
Double-Bottom Breakout Puts $1,947 in View
Ethereum confirmed a breakout from a double-bottom pattern with a neckline near $1,847. The price also moved above the $1,854 level, which coincides with the 0.786 Fibonacci retracement. The daily relative strength index (RSI) stands near 58.71, indicating positive momentum without overbought conditions.
The next resistance zone is around $1,947. To maintain the bullish setup, Ethereum must hold above $1,854 and keep support at the 50-day exponential moving average near $1,812. A drop below $1,812 would weaken the breakout and increase the likelihood of a decline toward $1,780.
Market participants are closely monitoring whether ETF inflows stay positive and whether the Senate confirms action on the CLARITY Act. These factors could determine whether Ethereum extends its rebound or returns to its earlier trading range. For now, ETH remains above the key support zone as traders test the strength of the breakout.