2026 July 2, 12:00-16:00 (UTC), ETH fluctuated narrowly within the 1647.63-1657.05 USDT range, with an amplitude of 0.57%, closing up +0.33%. The price is in a key technical zone between the $1,500 support and $1,753 resistance, market sentiment is extremely divided, and volatility continues to narrow to historical lows.The main driver of this unusual move is technical rebound demand after the price touched a key technical level. In early July, ETH traded near the $1,570-$1,700 range, a relatively low level in recent months, down more than 65% from its 2025 all-time high. On July 2, after testing the support near $1,500 in the previous trading day, it received buying from dip-buying funds, triggering a technical rebound.At the same time, whale counter-trend accumulation resonates with institutional long-term allocation. According to CryptoQuant data, large whale wallets hold a combined total of over 20 million ETH, and fund holdings have doubled since April 2025 to 6.5 million ETH. The persistent accumulation by whales contrasts sharply with the price decline, suggesting long-term value investors find the current price attractive. In addition, ETH network activity has hit an all-time high, with an average daily transaction volume of 2.23 million, and stablecoin quarterly transfer volume exceeding $8 trillion, providing solid fundamental support for the price.Short-term risks to watch: If the daily close falls below $1,500, it may open downside space to the $1,200 area. Current volatility is at historic lows; once it releases, it could produce large directional moves. Key indicators to monitor include the effectiveness of the $1,500 support and changes in ETF fund flows.
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