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Ethereum traded at $1,873.56 after gaining 1.61% over 24 hours, beating the wider crypto market during the same period. The move followed renewed optimism around US crypto rules, stronger demand for spot Ethereum exchange-traded funds, and a technical breakout from a double-bottom pattern. The broader market rose more slowly, leaving ETH among the stronger large-cap tokens during the latest trading session.
ETH still trades about 62% below its record high, keeping the debate open over whether the current level offers value or signals a deeper market problem. Traders are now focused on the $1,812 support area, resistance near $1,854, and possible Senate action on the CLARITY Act during the week of July 20 to July 24.
US Representative Bryan Steil said that the Senate ‘could’ vote on the CLARITY Act during the coming week. The proposal may define Ethereum as a digital commodity and provide a firmer legal framework for digital assets. Markets reacted positively to the possible timeline, although the final Senate schedule and bill text are not yet confirmed.
The regulatory update helped lift sentiment across the crypto market. Ethereum gained more than Bitcoin during the session, showing stronger demand for ETH. Still, the move depends partly on political progress. A delay or failed vote may weaken the rally and send Ethereum back toward the $1,780 area.
Spot Ethereum ETFs recorded about $105 million in net inflows from July 13 to July 17, according to SoSoValue data. That marked their strongest weekly result since April. The inflows followed a period of mixed activity, including a recent $36.3 million daily outflow and a reported $22.3 million sale linked to BlackRock’s Ethereum fund.
The return of weekly inflows shows that institutional demand has not disappeared. It also gives the current price move more support than a rally driven only by short-term traders. However, trading volume still needs to stay firm for Ethereum to hold above its breakout area.
Whale activity has also attracted attention. Two newly created wallets sold 72 Bitcoin for about $4.66 million and opened 20x long positions on 12,000 ETH, valued near $22.4 million. The trades show that some large accounts expect further upside, though high leverage also raises liquidation risk if the market turns lower.
Ethereum confirmed a breakout from a double-bottom pattern with a neckline near $1,847. The token also moved above the $1,854 level, which matches the 0.786 Fibonacci retracement area. The daily relative strength index stood near 58.71, showing positive momentum without reaching an overbought level.
The next resistance zone sits near $1,947. Ethereum must hold above $1,854 and keep support at the 50-day exponential moving average near $1,812 to preserve the current setup.
A drop below $1,812 would weaken the breakout and raise the chance of a move toward $1,780.
The market is also watching whether ETF inflows stay positive and whether the Senate confirms action on the CLARITY Act. These factors may decide whether Ethereum extends its rebound or returns to its earlier trading range. For now, ETH remains above the main support zone while traders test the strength of the recent breakout.
