ETH turns back to green against the trend over the past hour, up 0.7%: improving expectations for macro data combined with buy-side support

From 12:00 to 13:00 UTC on July 20, 2026, ETH strengthened against the prevailing trend amid broad pressure on major cryptocurrencies. Within one hour, the Return % was about +0.7%, with the high reaching 1,893.62 USDT. The Ampl was 0.78%, and the overall 24h Rise % for the day was 1.03%. Notably, BTC fell by about 1.26% during the same period, and ETH showed clear independent strength.

The main driver behind this unusual move comes from improved macro expectations. This week, upcoming US and Europe PMI data are set to be released. Expectations for better economic data have prompted a modest rise in risk assets. At the same time, the ECB’s latest survey indicates slowing growth in wage demands and sales prices, signaling easing inflation pressure and supporting the risk-asset pricing environment. Before the macro data window, some funds positioned early in the crypto market, creating moderate bid support.

Second, order book data shows that bids are significantly dominant. The depth ratio reached 5.70. Total bid size was 11.33 units versus 1.99 units for asks. A large bid wall of 6.77 units formed at $1,890.69, accounting for 59.8% of the total volume across the top 5 price levels, which provides technical support to the price in the short term. Coupled with ecosystem integration updates such as Polygon’s acquisition of Coinme, the Ethereum ecosystem narrative has received some support. However, it’s worth noting that current order book liquidity is extremely thin, with only 1 level of data; the actual trading depth may be insufficient to support large orders.

From a technical perspective, signals are overall neutral. ADX across all timeframes is below 25, with no strong trend direction. The daily MA is mildly bullish while short-term MAs are mildly bearish, creating a divergence that needs monitoring as direction selection approaches. Community sentiment is positive yet neutral overall: the overall sentiment index is 0.40, with no FOMO-style chasing.

For risk warnings, focus on changes in macro sentiment after the release of PMI data in the US and Europe, whether the resistance zone of $1896–$1900 can be broken, and the effectiveness of the support area of $1868–$1870. With liquidity extremely thin in the order book, there is a risk of a rapid pullback caused by liquidity shocks.