Ethereum is trading around $1,755 on Tuesday, down about 0.57% over the past 24 hours. The move comes as the wider crypto market reacts to fresh tension between US and Iran. Why is Ethereum p
Ethereum is trading around $1,755 on Tuesday, down about 0.57% over the past 24 hours. The move comes as the wider crypto market reacts to fresh tension between US and Iran.
People searching "why is Ethereum going down today" want a quick answer, so here it is up top.
Bitcoin and Ethereum both slipped after the US and Iran exchanged aerial strikes. The US said it launched strikes against Iran after attacks on ships in the Strait of Hormuz. Iran responded by targeting US military sites.
That kind of headline usually pushes traders toward safety. The Dollar Index held above 101.00, and oil jumped more than 9%. Risk assets like ETH felt the pressure, even if the drop stayed mild.
Bitcoin slipped to $62,657, down close to 0.50%. ETH, XRP, and SOL all fell between 1% and 3% at one point during the session.
Metric
Value
24h Change
ETH Price
$1,755.51
-0.57%
Futures Volume (24h)
$37.04B
-18.99%
Spot Volume (24h)
$1.77B
—
Market Cap
$211.71B
—
Open Interest
$24.11B
-0.73%
Options Volume
$922.55M
-25.79%
Options Open Interest
$4.40B
+0.56%
Open interest barely moved, down just 0.73%. That tells us traders haven't rushed for the exits. Options open interest actually rose slightly, up 0.56%, which suggests some positioning for future moves rather than panic selling.
Are Ethereum traders bullish or bearish right now?The 24-hour long/short ratio across the market sits at 0.9806, close to neutral. But zoom into individual exchanges and the picture shifts.
On Binance, the ETH/USDT long/short ratio by accounts is 1.9446. That means almost twice as many accounts are long as short. OKX shows a similar lean, at 1.79.
Top traders on Binance are even more bullish, with a long/short ratio of 1.942 by accounts and 1.3934 by positions. Retail and larger traders both appear to be leaning long right now, even with the price sitting near recent lows.
How much ETH was liquidated in the last 24 hours?Rekt data over the past 24 hours shows $76.20M in total liquidations. Of that, $47.63M came from long positions and $28.56M from shorts.
Over the past 4 hours, longs took a bigger hit too, with $24.80M liquidated against $1.12M in short liquidations. That lines up with the small price dip during the Iran-US headlines, catching leveraged long traders off guard.
Away from the volatility, one trend has stayed steady. Spot Ethereum ETFs in the US logged a net inflow of $26.9 million on July 7, according to SoSoValue data. That marks the fourth straight day of positive flows.
Consistent ETF inflows during a choppy week suggest some institutional buyers are treating dips as entry points rather than exit signals. This matters for any Ethereum price prediction going forward, since sustained ETF demand tends to offer a floor under spot prices over time.
What is the Ethereum Glamsterdam upgrade?Away from daily price swings, Ethereum's next major network upgrade is drawing attention. Developers are working on Glamsterdam, described by some as the biggest overhaul since The Merge.
The upgrade reportedly targets a gas limit increase from around 60 million to 200 million, roughly tripling capacity.
Some estimates point to throughput jumping from about 20 transactions per second toward 10,000 TPS, alongside gas fees dropping by as much as 78%. These are projected figures and not guaranteed outcomes.
Devnet-5 and Devnet-6 are already running. The internal mainnet target is late August, with a more realistic public launch expected sometime in the third quarter of 2026 after an ePBS-related delay.
If it ships on schedule, this kind of throughput jump could shift how traders and developers view Ethereum's long-term value, independent of short-term price action.
A wallet possibly linked to CoinShares moved 63,000 ETH, worth about $111 million, to Coinbase. On-chain tracker Lookonchain flagged the transfer.
Large deposits to exchanges often get read as a signal that a sale could be coming, since traders typically move coins to exchanges to sell them.
No sale has been confirmed yet, and the wallet could also be repositioning for other reasons. This is worth watching over the next few days.
Based on the current derivatives data, ETH is holding between two zones that matter most right now.
Support: $1,700–$1,720. This lines up with where 4-hour short liquidations were smallest ($1.12M), meaning shorts haven't been tested hard below this zone.
A break under $1,700 could trigger more long liquidations, since $24.80M in longs were already wiped out in the last 4 hours near current levels.
Resistance: $1,800–$1,830. ETH would need to reclaim this zone to shift sentiment fully bullish.
The heavier 12h and 24h short liquidations ($2.39M and $28.56M) suggest shorts have been getting squeezed on rallies toward this range.
Bullish case: Long/short ratios above 1.9 on Binance and OKX show traders are already positioned for a bounce.
If ETF inflows extend past a fifth straight day and Iran-US tensions calm down, ETH could test $1,830 in the near term.
Bearish case: Futures volume dropped almost 19%, and options volume fell over 25%, both signs of fading conviction.
If the CoinShares-linked wallet sells its 63,000 ETH, or geopolitical risk escalates, price could retest $1,700 or slip toward $1,650.
This is a range-bound setup rather than a clear breakout, and the next move likely depends on how the Iran-US situation and ETF flows develop over the coming days.
Will Ethereum price go up or down next?Ethereum sits at a mixed point right now. Long/short data leans bullish, ETF inflows are steady, and options open interest ticked up. At the same time, futures volume dropped sharply, geopolitical risk is rattling the wider market, and a large ETH transfer to an exchange adds uncertainty.
If Iran-US tensions ease and the dollar cools off, ETH could find room to recover toward recent highs.
If tension escalates further, or the CoinShares-linked ETH lands on the market as a sale, price could face fresh pressure below $1,750.
Traders will likely watch the $1,700 to $1,800 range closely over the coming sessions, with ETF flow data and any Glamsterdam devnet updates acting as background catalysts.
DisclaimerThis article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry significant risk of loss. Past performance is not indicative of future results. Always conduct your own research and consult a licensed financial advisor before making any investment decisions.
