Ethereum Reclaims $1,750 Amidst Altcoin Rotation

Ethereum has reclaimed $1,750 after hitting a multi-week high near $1,757. This marks an 8% increase from its price in early July and comes amidst a broader rotation of altcoins higher. The recovery is attributed to three drivers: flow, with US spot Ethereum ETFs recording net inflows; supply leaving exchanges, as more than 166,000 ETH moved into self-custody; and rotation, as capital has begun to move from Bitcoin into alternative assets. While the bullish argument suggests that holding $1,700 as support is crucial for maintaining the uptrend, a loss of this level could send Ethereum back down to its June lows near $1,500. The levels that decide the next move include $1,850 to $1,900 as overhead resistance and $1,600 as deeper support, below which would erase the entire July recovery.