ETH up 0.92% in 1 hour: Improved macro expectations plus bid-side support propel it to outperform independently despite broader weakness

From 15:00 to 16:00 UTC on July 20, 2026, ETH rose 0.92% on the 1-hour K-line. The price moved up from 1,867.52 USDT to around 1,886.08 USDT, with an Ampl of 0.99%. Against the backdrop of BTC falling by about 1.26% over the same period, ETH closed higher against the trend. Market attention has clearly heated up, and a bid-dominant order pattern is evident.

The main driving force behind this anomaly comes from improving macro expectations. This week, upcoming U.S. and European PMI data are expected to be released. Market pricing of economic-data expectations has driven short-term volatility in risk assets, and funds tend to position in advance before the data release. In addition, the ECB’s latest survey shows that wage demand and growth in sales prices are slowing, with inflation pressure expectations easing, providing mild macro support for risk assets.

At the same time, ETH’s independent strength reflects capital rotation effects. When BTC faces pressure, funds flow into competing coins such as ETH to seek opportunities. Order Book data show a bid-to-ask depth ratio of 5.70: total bid volume is 11.33 units versus 1.99 units on the ask side. At the $1,890.69 level, there is a large bid wall of 6.77 units, accounting for 59.8% of the total volume in the top five levels—indicating extremely high bid concentration, which provides short-term price support. Although ecosystem-related developments such as Polygon’s acquisition of Coinme are only a weak signal, they still help boost the broader ETH ecosystem narrative.

It’s worth noting that order-book liquidity is extremely thin—only 1 level of data and just 1 order in total. The actual trading depth may not be sufficient to support such large orders, creating a risk of a liquidity shock. The current price is near the 24h high of $1,896 and the $1,900 psychological level, so watch for the risk of a rapid pullback. Going forward, focus on this week’s U.S.-Europe PMI data and macro catalysts such as Tesla’s earnings report. For support levels, pay attention to the $1,870–$1,880 area.