Ethereum opens July 2026 at $1,740; Citi lowers 12‑month target to $2,240

Ethereum began July 2026 trading at about $1,740, roughly 65 % below its all‑time high of $4,955. The cryptocurrency has recorded three consecutive loss quarters: Q4 2025 fell 28 %, Q1 2026 fell 29 %, and Q2 2026 fell 25 %. Citi responded by cutting its 12‑month price target to $2,240, heightening market uncertainty.

A short‑squeeze briefly lifted the price by 12 % but technical analysis shows a weak structure, with a red down‑trend line acting as a key resistance. Bullish signals appear in the Relative Strength Index and MACD, while Elliott‑wave analysis remains bearish. Geopolitical tensions and potential interest‑rate hikes add further risk. Nearly 100,000 addresses have deposited ETH on Binance, suggesting heightened selling pressure. The article also notes Crédit Agricole’s launch of a Euro‑stablecoin on the Ethereum blockchain, which could provide a modest positive catalyst.