Ethereum’s price rebounded sharply to near $1,934 on July 16, 2026, gaining about 3.5% in 24 hours and outperforming Bitcoin’s 2.3% rise. The move was driven by a return of spot ETF inflows, concentrated overwhelmingly in BlackRock’s ETHA fund, according to CoinDesk. This comes just a day after Bitmine’s Tom Lee forecast that ETH would face a 10–15% summer pullback before resuming its broader uptrend.
Lee’s short‑term bearish call was based on seasonal profit‑taking and a cooling on‑chain activity. Data from The Block showed Ethereum’s 7‑day moving average daily on‑chain volume had fallen to about $2 billion, a sharp decline from peaks above $15 billion, and near yearly lows. Despite that, Lee maintained a long‑term bullish outlook, citing institutional accumulation and demand from tokenized assets in DeFi and AI. Bitmine itself continued to add ETH to its treasury, pushing its holdings close to 5% of the circulating supply.
The ETF inflows, however, were not spread across the market. Solana, TRON, and Hyperliquid all traded lower during the same period, confirming that the rally was ETH‑specific rather than a broad altcoin rotation. The Ethereum Foundation’s ongoing internal restructuring, tracked throughout 2026, also drew attention as it narrows its focus on core protocol stewardship.
At press time on July 15, ETH was around $1,870, with technical support zones at $1,500–$1,550. While the 24‑hour bounce suggests near‑term momentum toward $2,000, analysts cautioned that weak demand and macro uncertainty keep bearish risks alive. Lee’s prediction of a summer pullback may yet materialize if the concentrated ETF inflows prove short‑lived.
