Ethereum Logs First-Ever Three Straight Red Quarters Near $1,570

Ethereum News

Ethereum (ETH) entered July 2026 trading near $1,570, hovering at multi-month lows after printing the first run of three consecutive red quarterly candles in its history. On-chain data shows engagement across the Ethereum network weakening sharply: the 14-day moving average of active addresses peaked close to 795,000 in early February and has since fallen to roughly 420,000, a drop of about 46%. The decline tells a cautious story for the largest altcoin by market value, with usage rolling over even as price stabilizes. For that trend to flip, active addresses would need a sustained recovery rather than another short-lived spike.

Whale behavior complicates the bearish read. On-chain data shows the count of addresses holding between 1,000 and 10,000 ETH spiked in the final days of June, producing the largest 30-day change on record while price sat at its lowest point. Accumulation into weakness can signal that larger holders are positioning early for a recovery. The picture is not unambiguous, however: a comparable whale-count surge in late February preceded a local top before price slid further. That precedent means rising whale numbers have not been a clean buy signal during this bear market, and confirmation will require follow-through.

Corporate treasuries continued buying into the slump. Ethereum treasury firm Sharplink acquired 10,000 ETH for roughly $16 million last week, its first crypto purchase since October. The company now holds 886,725 ETH worth about $1.38 billion, according to its investor-relations disclosure, with chief executive Joseph Chalom framing every financing decision around increasing ETH per share. Sharplink also repurchased more than 2.1 million SBET shares, which it considers significantly undervalued; the stock trades roughly 88% below its 52-week high. The buy lands with ETH more than 68% beneath its August all-time high of $4,946, underscoring how deep the drawdown has run.

The largest corporate holder added to its stack as well. BitMine Immersion Technologies disclosed acquiring 27,084 ETH over the prior week, lifting total holdings above 5,700,010 ETH — about 4.7% of circulating supply and roughly 94% of its stated goal to control 5% of the network under its self-styled Alchemy of 5% strategy, reached in eleven months. The company's investor-relations disclosure pegged total crypto and related assets near $9.8 billion, with 4,879,157 ETH already staked. Chairman Tom Lee attributed part of the recent slide to quarter-end window dressing, the practice of funds trimming losing positions before reporting dates.

Beyond accumulation, the two biggest Ethereum treasuries moved to fund development directly. Sharplink and BitMine joined to back the founding of Ethlabs, a new nonprofit research-and-development organization aimed at championing the network and its native asset. The collaboration pairs former Ethereum Foundation researchers with deep-pocketed corporate backers at a moment when on-chain activity is contracting. Sharplink separately disclosed a $125 million fund built with Galaxy Research to access on-chain yields through automated market maker protocols, while BitMine continues routing holdings through its institutional staking platform. The pivot signals that large holders are committing capital to ecosystem infrastructure even as spot demand stays soft.

On the charts, Ethereum is defending its $1,500 support, a zone spanning roughly $1,450 to $1,550 that has repeatedly attracted buyers and capped further downside. The structure remains firmly bearish: price trades below both the 100-day and 200-day moving averages inside a descending channel, after a decisive breakdown beneath $1,850 turned that level into resistance. On the four-hour timeframe, ETH has broken above the descending trendline that capped last week’s decline, a first improvement in short-term structure, though horizontal resistance near $1,750 still blocks any larger recovery. Exchange data also shows institutional demand through Coinbase remaining weak.

COINOTAG’s proprietary 42-indicator composite scoring engine rates the $1,614 resistance at 63/100 — the strongest overhead level — driven by the confluence of the previous daily close, the ATR Upper band and the Ichimoku Tenkan line. On the downside, the $1,511 support scores 59/100, anchored by Donchian Lower and the recent swing low. Derivatives positioning looks lopsided: our reading of the order flow puts the long/short account ratio at 3.85 (79.4% long) against $5.86 billion in open interest and a barely positive 0.0030% funding rate — a crowded long that risks a squeeze. With the Fear & Greed Index at 15 (Extreme Fear) and RSI near 33.73, a reclaim of $1,614 would open room toward $1,824, while a daily close below $1,511 invalidates the bullish case.