Ethereum Reclaims $1,750: What Drives the Recovery and Next Levels

Ethereum has reclaimed $1,750 as altcoins continue to rotate higher. The token is trading near $1,757, a multi-week high that puts it roughly 8% above its June low of $1,620.

The reclaiming of $1,750 is significant because it marks the next brick in Ethereum's wall of support. To keep this recovery alive, ETH needs to hold onto the levels it has just taken back, particularly around $1,700 and $1,600.

Three drivers have contributed to Ethereum's recovery: flow, with US spot Ethereum ETFs recording net inflows on July 2; supply leaving exchanges, with a 24-hour withdrawal transaction count of over 166,000 ETH; and rotation, as altcoins such as XRP and ADA start outrunning Bitcoin.

Looking ahead, the bullish argument starts with structure. ETH has printed a higher low off its June bottom and a higher high above the early-July range, indicating an uptrend forming on the daily chart.