ETH Shatters $1,950 Resistance, Eyes $2,100 Target as Google Earnings Loom

Ether (ETH) has broken through the $1,950 resistance level for the first time in seven weeks, pushing its price to new heights. The move triggered $62 million in liquidations across leveraged bearish positions and delivered 29% gains from the June 26 low of $1,500.

The surge in ETH's price is part of a broader risk-on mood that has driven Bitcoin (BTC) above $66,500. The overall crypto market trend has shifted to positive momentum in July, with traders expecting solid corporate earnings after 3M Company reported results on Tuesday morning.

However, despite the recent gains, Ethereum's onchain metrics show stagnation. Demand for blockchain processing has not recovered to levels seen six months ago, partly due to decreased interest in memecoins and utility tokens. Some of Ethereum's top projects have posted losses of 50% or more year-to-date.