Ethereum eyes $1,800 as former BofA strategist flags tactical bottom

Ethereum's path to a 25% rally hinges on whether it can reclaim $1,800 as a former Bank of America technical strategist sees a tactical bottom forming.

Ethereum traded at $1,794 on July 10, 2026, as former Bank of America technical strategist Stephen Suttmeier identified $1,800 as a potential tactical bottom for the largest altcoin.

"If the price stays above $1,690 to $1,700, it would support the thesis of Ethereum forming a tactical low above its June lows," Suttmeier, former head of technical strategy at Bank of America, said in a July 10 analysis. A decisive reclaim of $1,800 would confirm the pattern.

The next upside target sits at the 200-day moving average near $2,200, implying roughly 25% upside from current levels, Suttmeier said. Ethereum has already formed a double-bottom reversal pattern after slipping below $1,600 twice in recent weeks. The token remains roughly 60% below its all-time high of $4,892 set in November 2021, according to CoinGecko data.

The bullish setup faces headwinds from on-chain and macro pressures. CryptoQuant reported a 6% surge in exchange selling pressure, with more than 220,000 ETH hitting exchanges in recent days. U.S. spot Ethereum ETFs posted $52 million in net outflows on July 9, breaking a five-day inflow streak, per SoSo Value data. Renewed Iran-U.S. tensions and bond market jitters have also fueled risk-off positioning.

BitMine Immersion Technologies Chairman Tom Lee shared Suttmeier's analysis on social media, adding weight to the technical call. Lee, also a co-founder of Fundstrat Global Advisors, has previously flagged Ethereum levels worth watching as the altcoin trades 60% below its record high.

On-chain data shows whale wallets have been reducing exposure during the relief rally, with selling pressure steadily rising since March. If that trend persists, it could invalidate the tactical bottom thesis, according to CryptoQuant.

The $1,800 level now serves as the key battleground. A sustained break above it could open the path toward $2,100 and then the 200-day MA at $2,200. A failure to hold above $1,690, however, would suggest the June lows near $1,507 could be retested.

This article is for informational purposes only and does not constitute investment advice.