Ethereum price rose around 6% from a low of $1,800 on July 21 to settle at $1,929 on July 22, 2026. The world’s second-largest cryptocurrency tested market strength by touching $1,945 during intraday trading hours. The upward momentum eventually stalled as the price encountered a resistance wall just below the psychological $2,000 mark.
Institutional capital injections served as the primary catalyst driving this rally. Data from SoSoValue shows that US spot Ethereum ETF products recorded net inflows of $37.47 million in the latest trading session. BlackRock emerged as the largest contributor through its ETHA product with $52.7 million in inflows, though the final total was trimmed by outflows from Fidelity’s FETH instrument.
Tech Stock Sentiment and Third-Quarter Performance
The positive momentum in the crypto market mirrored bullish sentiment on Wall Street. The Nasdaq Composite gained 1.3% while the S&P 500 climbed 0.9%, both propelled by semiconductor and artificial intelligence stocks. Chipmaker Micron led the broader market with a 12.2% surge, followed by Nvidia, which posted a 2% gain.
This price rebound reverses Ethereum’s annual trend. Trader Daan Crypto Trades pointed out that the asset has now accumulated a 22.98% gain for the third quarter of 2026. This figure surpasses the historical Q3 average return of 8.86% recorded since 2016. The recovery marks a crucial turnaround after prices plunged 29.26% in the first quarter and dropped 25.28% in the second quarter - back-to-back declines that made the first half of the year its worst performance since 2022.
Technical Indicator Thresholds and Oil Price Risks
On-chain and technical data show promising momentum. The daily Relative Strength Index (RSI) currently sits at 64.36, crossing above its signal line at 59.67. With the indicator still below the overbought threshold of 70, there remains plenty of room for further upside. On the 4-hour chart, the RSI stands at 63.29 while the Stochastic RSI has eased to 52.86 - indicating that short-term momentum has begun cooling off after retreating from $1,945.
Beneath these green metrics, however, a macroeconomic risk looms over the market. Brent crude oil surged to $91.01 on July 21 amid escalating tensions between the United States and Iran. The jump in energy costs threatens to reignite global inflation, a condition that typically dampens investor appetite for high-risk assets like crypto.
These conflicting market forces call for heightened caution. Daan emphasized that Ethereum’s trajectory remains tethered to the broader market trend. “BTC still needs to lead the market,” he warned, noting that a sell-off in Bitcoin would drain liquidity from the altcoin market, including Ethereum.
Reported via crypto.news.
Read also: How Crypto Staking Works and Its Risks
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
