Ether clears $1.9K, eyes $2.1K as Bitcoin gains

Ether tested $1,950 on Tuesday, the first time the token reached that level in seven weeks. The move triggered about $62 million in liquidations of leveraged short positions and represented a 29% rise from the June 26 low.

The broader crypto market turned positive alongside Ether. Bitcoin traded above $66,500 during the same session. U.S. stock gains on Tuesday followed a stretch of strong corporate earnings, and market participants are watching Alphabet’s quarterly report after U.S. markets close Wednesday, where cloud revenue is expected to show about 64% year-over-year growth.

Onchain activity on the Ethereum network remained subdued. Weekly revenue for decentralized applications fell to $9.8 million, the lowest level since September 2024. Sky generated $3.2 million in weekly revenue and Chainlink brought in $1.2 million during the same period. Decentralized exchange volumes were about $7.2 billion per week.

Several prominent Ethereum-based projects were down more than 50% year to date, including Ethena, Mantle and Arbitrum. Overall demand for block processing remained below levels from six months ago, and trader interest in memecoins and some utility tokens has cooled.

Derivatives data showed mixed signals. The annualized funding rate on ETH perpetual futures has struggled to remain within a neutral 6%–12% range but has recovered from negative levels seen in late June. Staking activity has increased and coincided with a reduction in available liquid supply.

A record 34% of circulating ETH is now staked, up from roughly 33% a month earlier. Bitmine Immersion added about 156,719 ETH over the past month and now controls roughly 4.8% of available supply.

Ether’s price is about 61% below its August 2025 all-time high. Traders and market participants are monitoring macroeconomic and corporate data this week for events that may affect risk appetite and market flows.