Ethereum Puts the 50-Day Average to the Test at $1,805

Ethereum's price has been pushing against the 50-day moving average, currently trading near $1,805 on July 11. This confluence of the horizontal shelf and descending 50-day SMA is a key technical level for Ethereum, as holding above it would be the first successful retest since May.

The flow data from Token Terminal indicates that ETH bridged from Ethereum mainnet to Robinhood Chain has surged by approximately 10x in the past week, crossing $100 million in cumulative deposits. This represents a demand source independent of crypto-native sentiment, as bridge deposits to an ETH-gas network indicate ETH being put to work rather than put up for sale.

A daily close above the 50-day band and continued weekly growth in Robinhood Chain deposits would confirm the bullish read. However, rejection at $1,805 paired with a flattening of the bridge curve would mean both the technical and flow argument failed at the same time, and the range floor becomes the operative level again.