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Key takeaways:Despite ETH’s price gains, weak onchain activity and low DEX volumes signal trader caution.Record Ethereum staking at 34% reduces sell pressure, yet sustained upside needs external catalysts.Ether (ETH) tested the $1,950 mark for the first time in seven weeks on Tuesday, triggering $62 million in liquidations across leveraged bearish positions. The move delivered 29% gains from the $1,500 low on June 26 and aligned with the broader risk-on mood that drove Bitcoin (BTC) above $66,500. Can ETH push through to $2,100?Total crypto market capitalization (left) vs. ETH/USD. Source: TradingViewEther’s price largely tracked the overall crypto market trend, which shifted to positive momentum in July. Tuesday’s gains in the US stock market helped ease investor worries about stretched valuations after the artificial intelligence stock rally. Traders expect solid corporate earnings after 3M Company (MMM US) reported results Tuesday morning.Google’s parent, Alphabet, is expected to report quarterly results on Wednesday after US stock markets close. Investors look for 64% growth in cloud services revenue amid heavy AI investments. Strong earnings could restore confidence and help push the cryptocurrency market past the $2 trillion total capitalization mark.Weak Ethereum onchain metrics and muted ETH derivatives persistDespite recent ETH price gains, Ethereum onchain metrics show stagnation. Demand for blockchain processing has not recovered to levels seen six months ago, partly because traders are showing less interest in memecoins and utility tokens. Some of Ethereum’s top projects posted losses of 50% or more year-to-date, including Ethena (ENA), Mantle (MNT) and Arbitrum (ARB).Ethereum network weekly DEX volumes & DApps revenues, USD. Source: DefiLlamaWeekly revenue for Ethereum’s decentralized applications (DApps) fell to the lowest levels since September 2024, hitting $9.8 million. Among the strongest performers are Sky (formerly MakerDAO) at $3.2 million in weekly revenue and Chainlink, which brought in $1.2 million over the same period. Overall, decentralized exchange (DEX) volumes dropped to $7.2 billion per week.Ethereum’s weak onchain data mirrors the subdued mood in derivatives markets.ETH perpetual futures annualized funding rate. Source: LaevitasThe annualized funding rate on ETH perpetual futures has struggled to remain within the neutral 6%-12% range over the past month. Still, sentiment has improved from the negative rates seen in late June, which reflected heavy bearish demand. Rising interest in Ethereum staking has likely boosted trader expectations for price gains and reduced downside risks.Ethereum staking data. Source: StakingRewardsAccording to Staking Rewards data, a record-high 34% of all ETH supply is now staked, up from 33% one month earlier. Analysts expect reduced sell pressure as long-term holders keep accumulating supply, including Tom Lee’s Bitmine Immersion (BMNR US), which added 156,719 ETH over the past month. The company now controls 4.8% of available supply.ETH price is 61% below the all-time high from August 2025, which helps explain why bulls lack enthusiasm in derivatives markets. The soft on-chain metrics and six-month bear market have left traders skeptical about sustained upside.Ether’s path to $2,100 likely depends on reduced risk aversion across markets, which makes Google’s revenue guidance on Wednesday especially important.