Ethereum Defies Gravity at $1,770—$2,030 in Sight or Just Another Crypto Mirage?

Ethereum bulls dig in as ETH holds above $1,770—despite the usual chorus of ’this time it’s different’ from crypto bros. The real question: Can this rally sustain beyond hopium and break $2,030, or will it join the graveyard of dead cat bounces?

Technical indicators show strength, but let’s be honest—since when has crypto ever followed logic? Watch for liquidity traps above $1,900. Bonus jab: Wall Street still can’t decide if this is ’digital gold’ or a speculative casino chip.

New wallet growth reinforces Ethereum’s strong network activity

Ethereum’s network fundamentals reflect renewed on-chain engagement. New addresses spiked 79.09% over the last seven days, while active addresses increased 11.41%. 

Furthermore, zero balance addresses surged 105.49%, likely signaling user experimentation, wallet cleanup, or lost keys. These figures point to continued adoption and expansion despite recent price swings. 

Therefore, rising address metrics may serve as a leading indicator of future demand, reinforcing the view that the broader Ethereum ecosystem remains fundamentally healthy and expanding under the surface.

Source: IntoTheBlock

Liquidity builds as exchange reserves tick higher

Ethereum exchange reserves have increased slightly to $36.07 billion, reflecting a 1.16% rise. Typically, higher reserves suggest that more ETH is being held on centralized exchanges, which can indicate potential sell-side pressure.

However, this shift may also signal traders preparing for volatility or adjusting positions ahead of expected market movements.

Currently, Ethereum is trading at $1,830, positioned between key leverage clusters. The Binance liquidation map shows heavy short liquidations below $1,800 and significant long exposures at $1,850, especially in 50x and 100x leverage zones.

This setup creates a coiled spring effect, where a sharp move could trigger cascading liquidations. If ETH breaks above $1,850, short liquidations may accelerate momentum. Conversely, if the price drops, long unwinds could amplify losses.

The market is at a critical inflection point, and upcoming movements may dictate Ethereum’s next major price shift.

Source: Coinglass

Leverage leans bullish, but risks of a shakeout persist

Data from Binance shows that 64.67% of traders are currently long on ETH, pushing the long/short ratio to 1.83. This sustained bullish bias underscores trader confidence but also increases the risk of a shakeout if price action turns against the crowd. 

In such crowded trades, any unexpected pullback below key support could cause a long squeeze.

However, so far, the bias remains consistent with other bullish metrics, signaling that most traders still expect continuation rather than reversal.

Source: Coinglass

Ethereum gears up for a breakout, but resistance holds firm

Ethereum’s price structure remains in a tight range between the $1,770 support and the $1,867 resistance. The $1,867 mark has acted as a ceiling in recent attempts to rally. A clean break above it could unlock the 1.618 Fib extension target at $2,030. 

However, caution is warranted as the stochastic RSI hovers around 96, signaling overbought conditions. Still, the broader structure of higher lows and horizontal resistance creates a classic breakout setup that traders continue to monitor closely.

Source: TradingView

Ultimately, Ethereum’s fundamentals and sentiment remain aligned for a bullish continuation. The sustained support at $1,770 reinforces the bulls’ control, especially with growing network activity and a strong long/short ratio. 

However, resistance at $1,867 remains a key barrier that must be overcome to validate the next leg upward. 

If bulls manage to break through this level with volume, Ethereum could accelerate toward the $2,030 target and trigger a broader momentum shift in the market.